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He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":585,"content":586},"doc",[587,612,617,630,639,659,666,671,676,684,689,710,715,720,725,735,740],{"type":588,"attrs":589,"content":590},"paragraph",{"textAlign":49},[591,594,602,604,610],{"text":592,"type":593},"HyProMag inaugurated the UK’s first commercial rare earth magnet recycling and manufacturing facility on 15 January at an event attended by Benchmark rare earth analysts ","text",{"text":595,"type":593,"marks":596},"Neha Mukherjee",[597],{"type":598,"attrs":599},"link",{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/video/watch/rare-earths-strategic-minerals-at-the-heart-of-energy-security","url",{"text":603,"type":593}," and ",{"text":605,"type":593,"marks":606},"Evelyn Zhou",[607],{"type":598,"attrs":608},{"href":609,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/site-visit-report-aclaras-carina-project-shows-progress-towards-rare-earths-supply-diversification",{"text":611,"type":593},".",{"type":588,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":593},"The facility at Tyseley Energy Park uses Hydrogen Processing of Magnet Scrap (HPMS) technology to produce up to 300 tonnes of NdFeB magnet blocks per year at full capacity.",{"type":588,"attrs":618,"content":619},{"textAlign":49},[620,622,628],{"text":621,"type":593},"Inaugurated by the UK’s Minister for Industry in the Department for Energy Security and Net Zero, Chris McDonald, the facility represents the first commercial production of rare earth permanent magnets in the UK in 25 years. It is a key enabler of the ",{"text":623,"type":593,"marks":624},"UK Government’s November 2025 Critical Minerals Strategy",[625],{"type":598,"attrs":626},{"href":627,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/how-ambitious-is-the-uks-critical-mineral-strategy",{"text":629,"type":593},", which targets meeting 10% of annual critical mineral demand from domestic sources and 20% through recycling by 2035.",{"type":588,"attrs":631,"content":632},{"textAlign":49},[633],{"type":634,"attrs":635},"image",{"id":49,"alt":636,"src":637,"title":49,"source":49,"copyright":49,"meta_data":638},"Chris McDonald MP, Department for Energy Security and Net Zero at the HyProMag inauguration event","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_576,c_scale/f_auto,q_auto/v1769088189/www-production/HyProMag-Chris-McDonald-MP-Department-for-Energy-Security-and-Net-Zero/HyProMag-Chris-McDonald-MP-Department-for-Energy-Security-and-Net-Zero.jpg",{},{"type":588,"attrs":640,"content":641},{"textAlign":49},[642,644,650,652,657],{"text":643,"type":593},"“Seeing HPMS technology operating at commercial scale reinforced our view that recycling is emerging as a critical resilience mechanism for rare earth supply,” said Neha Mukherjee, a research manager at Benchmark. “It is complementing, not replacing, ",{"text":645,"type":593,"marks":646},"primary production",[647],{"type":598,"attrs":648},{"href":649,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/infographic-the-last-30-years-of-rare-earths-mining",{"text":651,"type":593},", and positioning Europe, and the ",{"text":573,"type":593,"marks":653},[654],{"type":598,"attrs":655},{"href":656,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/uk-and-australian-developers-dominate-african-rare-earths-but-china-gains-influence",{"text":658,"type":593}," in particular, as increasingly important players in diversified, traceable magnet sourcing.”",{"type":660,"attrs":661,"content":663},"heading",{"level":662,"textAlign":49},4,[664],{"text":665,"type":593},"How does Hydrogen Processing of Magnet Scrap work?",{"type":588,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":593},"HPMS technology offers a distinct advantage over traditional recycling routes as it is agnostic to feedstock, meaning magnets do not need to be extracted from motors, rotors, or electronic components before processing.",{"type":588,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":593},"Whole components are exposed to hydrogen gas, causing embedded NdFeB magnets to undergo hydrogen decrepitation, cracking into a demagnetised, brittle powder. This enables efficient physical separation of magnet material from steel and copper without damaging the rare earth content, producing a clean recycled alloy powder suitable for reprocessing.",{"type":588,"attrs":677,"content":678},{"textAlign":49},[679],{"type":634,"attrs":680},{"id":49,"alt":681,"src":682,"title":49,"source":49,"copyright":49,"meta_data":683},"HyProMag magnet-to-magnet powder finished products","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_576,c_scale/f_auto,q_auto/v1769088175/www-production/HyProMag-Magnet-to-magnet-powder-finished-products/HyProMag-Magnet-to-magnet-powder-finished-products.jpg",{},{"type":588,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":593},"HyProMag’s facility can recover over 400 kg of rare earth alloy per batch using the HPMS reactor and produce new sintered NdFeB magnet blocks at a capacity of 100 tonnes per annum on a single shift, rising to over 300 tonnes per annum on multiple shifts.",{"type":588,"attrs":690,"content":691},{"textAlign":49},[692,694,700,702,708],{"text":693,"type":593},"Initially, the facility’s output will primarily be consumer electronics grades, with ongoing development toward higher-performance magnets suited for use in ",{"text":695,"type":593,"marks":696},"permanent magnet synchronous motors",[697],{"type":598,"attrs":698},{"href":699,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/how-many-rare-earths-are-needed-to-produce-ev-motors",{"text":701,"type":593}," (PMSM). Validation by GKN and ",{"text":703,"type":593,"marks":704},"Toyota",[705],{"type":598,"attrs":706},{"href":707,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/the-importance-of-evs-to-the-rare-earths-market",{"text":709,"type":593}," has supported OEM confidence, with customers reportedly willing to pay a premium for supply resilience and traceability.",{"type":660,"attrs":711,"content":712},{"level":662,"textAlign":49},[713],{"text":714,"type":593},"What is the global magnet recycling landscape?",{"type":588,"attrs":716,"content":717},{"textAlign":49},[718],{"text":719,"type":593},"The UK project sits within a rapidly expanding global rare earth recycling landscape. China remains dominant, with around 30 known recycling companies and expected recycling capacity of approximately 67 kt TREO in 2025.",{"type":588,"attrs":721,"content":722},{"textAlign":49},[723],{"text":724,"type":593},"By comparison, the recycling pipeline outside China remains modest but is growing: projects expected to come online by 2027 total around 6.9 kt of separated rare earth oxides, 1.8 kt of magnet powders, and 1.8 kt of rare earth alloys and magnets.",{"type":726,"attrs":727},"blok",{"id":728,"body":729},"8e42b07a-ef36-4233-8a93-341c2ba77bff",[730],{"id":731,"_uid":732,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27329408","i-c1beeb03-096c-4a8d-8c53-7df775a3e157","visualisation","ContentFlourish",{"type":588,"attrs":736,"content":737},{"textAlign":49},[738],{"text":739,"type":593},"If fully realised, Western recycling projects could supply around 7.7% of global TREO demand – representing meaningful diversification, but still a supplementary contribution rather than a replacement for primary supply.",{"type":588,"attrs":741,"content":742},{"textAlign":49},[743],{"text":744,"type":593},"For the UK, which currently has no rare earth production across the value chain, the Tyseley facility is a significant strategic milestone, demonstrating how recycling can underpin resilience while broader upstream capacity remains absent.","HyProMag inaugurated the UK’s first commercial rare earth magnet recycling and manufacturing facility on 15 January at an event attended by Benchmark rare earth analysts Neha Mukherjee and Evelyn Zhou. The facility at Tyseley Energy Park uses Hydrogen Processing of Magnet Scrap (HPMS) technology to produce up to 300 tonnes of NdFeB magnet blocks per ...",[747,755],{"slug":748,"name":595,"content":749},"neha-mukherjee",{"job_title":750,"image":751,"bio":753,"linkedin":754,"markets_covered":414},"Senior Analyst - Rare Earths",{"filename":752},"https://a.storyblok.com/f/287943243085208/512x512/687eb77e03/neha-mukherjee.jpeg","Neha is a Research Manager at Benchmark Mineral Intelligence, where she leads the market analysis of rare earth elements, covering supply, demand, cost, pricing, and ESG factors. She has two years of experience in the critical minerals sector and has executed consulting projects focused on market due diligence. Her background includes roles in energy market consulting and management consulting. Neha holds a Master’s degree in Sustainable Energy from the University of Glasgow and a B.Tech in Electrical Engineering from India.","https://www.linkedin.com/in/neha-mukherjee-5825b0135/",{"slug":756,"name":757,"content":758},"evelyn-mengwei-zhou","Evelyn Mengwei Zhou",{"job_title":759,"image":760,"bio":762,"linkedin":763,"markets_covered":414},"Analyst - Rare Earths",{"filename":761},"https://a.storyblok.com/f/287943243085208/512x512/e714a08bc6/evelyn-zhou.jpeg","Evelyn is an analyst on the rare earths team at Benchmark Mineral Intelligence, where she works on market analysis for rare earths supply chains, covering supply, demand, cost, pricing and ESG factors. She has an MSc in Environmental System Engineering from University College London and a BSc in Geological Engineering from China.","https://www.linkedin.com/in/evelyn-mengwei-zhou-905097228/","article","Site visit: HyProMag opens UK’s first rare earth magnet recycl...",[767,770,772,775],{"slug":768,"name":769},"critical-minerals","Critical Minerals",{"slug":771,"name":414},"rare-earths",{"slug":773,"name":774},"recycling","Recycling",{"slug":544,"name":543},"public",{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":778,"meta_data":779},"asset",{},{"id":781,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":782,"copyright":551,"fieldtype":778,"meta_data":783,"is_external_url":50},137092706381922,"https://a.storyblok.com/f/287943243085208/2560x1503/093a20a4b4/electric-motor-rotor-with-permanent-magnet.jpg",{},"HyProMag inaugurated the UK’s first commercial rare earth magnet recycling and manufacturing facility on 15 January at an event attended by Benchmark rare earth analysts Neha Mukherjee and Evelyn Zhou. The facility at Tyseley Energy Park uses Hydrogen Pro","Jan 22, 2026",{"id":787,"uuid":788,"name":789,"slug":790,"full_slug":791,"content":792},133953837033587,"b30cf2f8-8f83-40e9-8d1f-5775ac7c0b60","China reduces import tariffs for recycled black mass","china-reduces-import-tariffs-for-recycled-black-mass","article/china-reduces-import-tariffs-for-recycled-black-mass",{"_uid":793,"date":794,"tags":795,"editor":804,"content":808,"excerpt":915,"featured":51,"reporter":916,"_editable":927,"component":764,"seo_title":789,"categories":928,"visibility":776,"author_company":49,"data_vis_image":931,"featured_image":934,"seo_description":937,"author_full_name":49,"author_job_title":49,"formattedDate":938},"8acb4f1e-197a-4ba8-a8c8-af7996777a03","2026-01-09 00:00",[796,798,801],{"slug":797,"name":373},"black-mass",{"slug":799,"name":800},"china","China",{"slug":802,"name":803},"data-visualisation","Data Visualisation",[805],{"slug":576,"name":577,"content":806},{"job_title":579,"image":807,"bio":582,"linkedin":583},{"filename":581},{"type":585,"content":809},[810,815,827,840,848,853,866,871,884,889,902,907],{"type":588,"attrs":811,"content":812},{"textAlign":49},[813],{"text":814,"type":593},"China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5%, representing a significant drop in the costs of importing the material into the country.",{"type":588,"attrs":816,"content":817},{"textAlign":49},[818,820,826],{"text":819,"type":593},"China had an excess black mass refining capacity of 1.5 million tonnes in 2025 and this is set to grow to 5.3 million tonnes by 2030. The tariff reduction could increase the availability of black mass to China’s refiners, though potentially at the expense of those in ",{"text":821,"type":593,"marks":822},"Europe and North America",[823],{"type":598,"attrs":824},{"href":825,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/in-charts-comparing-the-european-and-north-american-black-mass-markets",{"text":611,"type":593},{"type":588,"attrs":828,"content":829},{"textAlign":49},[830,832,838],{"text":831,"type":593},"“The revised import tariffs highlight China’s need to gain access to more black mass feedstock to fuel its world-leading recycling infrastructure,” said ",{"text":833,"type":593,"marks":834},"Beatrice Browning",[835],{"type":598,"attrs":836},{"href":837,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/video/watch/what-are-the-recent-global-trends-for-the-recycling-industry",{"text":839,"type":593},", Benchmark’s battery recycling technology lead. “This will enable China to maintain its control over global critical mineral supply and enhance recycler profit margins.”",{"type":726,"attrs":841},{"id":842,"body":843},"3c4102dd-e9ba-4549-8c9c-e6d965c9fab9",[844],{"id":845,"_uid":846,"type":733,"_editable":847,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27144399","i-933b1bc0-e0b8-4b39-9081-8b1f488fe82b","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-933b1bc0-e0b8-4b39-9081-8b1f488fe82b\", \"id\": \"\"}-->",{"type":660,"attrs":849,"content":850},{"level":662,"textAlign":49},[851],{"text":852,"type":593},"Where does China get black mass from?",{"type":588,"attrs":854,"content":855},{"textAlign":49},[856,858,864],{"text":857,"type":593},"The move follows the Chinese government’s decision to ",{"text":859,"type":593,"marks":860},"legalise the importation of black mass in August 2025",[861],{"type":598,"attrs":862},{"href":863,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions",{"text":865,"type":593},". Although black mass is now legally entering the country as a result of this change, clearance at customs is scrupulous, typically lasting between 5-10 days. This is due to the strict content requirements, especially for water-soluble fluoride and heavy metals, which have meant that a large portion of batches have been rejected.",{"type":588,"attrs":867,"content":868},{"textAlign":49},[869],{"text":870,"type":593},"Due to the stringent requirements set out in Chinese legislation, some Chinese buyers are using subsidiaries and third parties to procure overseas material to avoid regulatory scrutiny. As of now, most players are carrying out limited overseas procurement as they ‘test the water’ with smaller volume transactions of high-quality production scrap feed black mass.",{"type":588,"attrs":872,"content":873},{"textAlign":49},[874,876,882],{"text":875,"type":593},"Most of China’s black mass imports originate from ASEAN (Association of Southeast Asian Nations) countries, which already benefit from zero-tariff treatment. As a result, the impact of this tariff amendment on those nations is likely to be negligible. Trade with Europe (for ",{"text":877,"type":593,"marks":878},"product status",[879],{"type":598,"attrs":880},{"href":881,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage",{"text":883,"type":593}," material) and North America will be more significantly affected.",{"type":588,"attrs":885,"content":886},{"textAlign":49},[887],{"text":888,"type":593},"In these affected regions, Benchmark expects that the changes will extend the purchasing power advantage of Chinese buyers over their competition, enabling them to seize more of the feedstock supply available globally and raise domestic utilisation rates.",{"type":588,"attrs":890,"content":891},{"textAlign":49},[892,894,900],{"text":893,"type":593},"Payables for ",{"text":895,"type":593,"marks":896},"NCM black mass from EOL feedstock",[897],{"type":598,"attrs":898},{"href":899,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/what-is-black-mass-and-how-is-it-priced",{"text":901,"type":593}," currently sit at 80–82% on an EXW North America basis and 73–83% on an EXW Europe basis, depending on whether material receives product or hazardous waste status.",{"type":588,"attrs":903,"content":904},{"textAlign":49},[905],{"text":906,"type":593},"“It is probable that the cut in import tariffs will facilitate more material entering China as domestic buyers outcompete those overseas, however, we foresee rising lithium chemical prices will have a more significant effect on payables in the near term,” said Frederick Bloomfield, a senior black mass pricing analyst at Benchmark.",{"type":726,"attrs":908},{"id":909,"body":910},"b5d9c256-b041-4cf8-9d98-8b29c49cb66e",[911],{"id":912,"_uid":913,"type":733,"_editable":914,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27144276","i-c6672237-bf4e-4794-bd91-9b981b36f079","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-c6672237-bf4e-4794-bd91-9b981b36f079\", \"id\": \"\"}-->","China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5%, representing a significant drop in the costs of importing the material into the country. […]",[917],{"slug":918,"name":919,"content":920},"frederick-bloomfield","Frederick Bloomfield",{"job_title":921,"image":922,"bio":924,"linkedin":925,"markets_covered":926},"Senior Analyst",{"filename":923},"https://a.storyblok.com/f/287943243085208/512x512/f55b7d4d79/freddie-bloomfield.jpeg","Frederick is a Senior Analyst at Benchmark Mineral Intelligence researching battery materials. His main areas of focus are lithium and battery recycling markets in Europe, North America and Asia. Before joining Benchmark, Frederick received his Master's degree in Green Chemistry at Imperial College London. With a particular interest in black mass trading, Frederick regularly speaks with players across the global battery recycling market, where he has gained extensive knowledge of trade flows, prices and policy on top of information on the wider recycling value chain, such as gate fees, tolling fees and the price of battery scrap and other recycled intermediates.","https://www.linkedin.com/in/frederick-bloomfield/","Black mass, lithium, nickel","\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8acb4f1e-197a-4ba8-a8c8-af7996777a03\", \"id\": \"\"}-->",[929,930],{"slug":773,"name":774},{"slug":544,"name":543},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":932,"copyright":551,"fieldtype":778,"meta_data":933,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767977541/www-production/Copy-of-Recycling-regional-capacity-balance@2x/Copy-of-Recycling-regional-capacity-balance@2x.png?_i=AA",{"alt":551,"title":551,"source":551,"copyright":551},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":935,"copyright":551,"fieldtype":778,"meta_data":936,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/4094602522/bm-adobestock-438850427.jpeg",{"alt":551,"title":551,"source":551,"copyright":551},"China’s government lowered its import tariffs on black mass, amongst a broad suite of other goods, as part of its “2026 Tariff Adjustment Plan”. As of 1 January 2026, import tariffs on black mass have been cut to 3%, from 6.5% […]","Jan 09, 2026",{"id":940,"uuid":941,"name":942,"slug":943,"full_slug":944,"content":945},111717973374851,"205d83a3-9344-446d-8a69-329f0d05794f","Benchmark opens public consultation on changes to its Sustainable Lithium and Sustainable Nickel grades","benchmark-opens-public-consultation-on-changes-to-its-sustainable-lithium-and-sustainable-nickel-grades","article/benchmark-opens-public-consultation-on-changes-to-its-sustainable-lithium-and-sustainable-nickel-grades",{"_uid":946,"date":947,"tags":948,"editor":955,"content":959,"excerpt":1032,"featured":50,"reporter":1033,"_editable":1037,"component":764,"seo_title":942,"categories":1038,"visibility":776,"author_company":49,"featured_image":1045,"seo_description":1032,"author_full_name":49,"author_job_title":49,"formattedDate":1048},"07795f4c-a898-45f4-9036-36ed277cc699","2025-11-11 00:00",[949,952],{"slug":950,"name":951},"announcement","Announcement",{"slug":953,"name":954},"benchmark-mineral-intelligence","Benchmark Mineral Intelligence",[956],{"slug":576,"name":577,"content":957},{"job_title":579,"image":958,"bio":582,"linkedin":583},{"filename":581},{"type":585,"content":960},[961,981,986,991,996,1001,1006,1011,1016,1021],{"type":588,"attrs":962,"content":963},{"textAlign":49},[964,966,972,973,979],{"text":965,"type":593},"Benchmark Mineral Intelligence announced today that it has started a formal consultation on changes to the sustainable lithium and sustainable nickel grades in its ",{"text":967,"type":593,"marks":968},"Lithium Price Assessment",[969],{"type":598,"attrs":970},{"href":971,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/lithium/data-reports/price-assessments",{"text":603,"type":593},{"text":974,"type":593,"marks":975},"Nickel Price Assessment",[976],{"type":598,"attrs":977},{"href":978,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/nickel/prices",{"text":980,"type":593}," Methodologies.",{"type":588,"attrs":982,"content":983},{"textAlign":49},[984],{"text":985,"type":593},"Benchmark proposes to change the frequency of updates to its list of eligible  producers, whose material can contribute to these grades, from quarterly to annually. This is in line with changes to the reporting cadence of Benchmark’s Sustainability Index.",{"type":588,"attrs":987,"content":988},{"textAlign":49},[989],{"text":990,"type":593},"The Benchmark Sustainability Index is a composite index that benchmarks lithium and nickel companies based on their degree of ESG transparency and performance.",{"type":588,"attrs":992,"content":993},{"textAlign":49},[994],{"text":995,"type":593},"All lithium and nickel companies are included in this Index and are scored on 87 indicators highlighting the most pressing topics of concern. Separate Environment, Social and Governance scores are calculated, along with an overarching composite ESG score, for each company in the upstream lithium and nickel supply chains. Companies are classified into four categories based on their performance: “Industry Leading”, “Good Practice”, “Moderate Visibility” and “Limited Visibility”.",{"type":588,"attrs":997,"content":998},{"textAlign":49},[999],{"text":1000,"type":593},"Only prices collected for material produced by companies categorised as “Industry Leading” in the Sustainability Index can be included in Benchmark’s sustainable lithium and nickel grades.",{"type":588,"attrs":1002,"content":1003},{"textAlign":49},[1004],{"text":1005,"type":593},"Market participants have consistently demanded a metric to track and quantify the emergence of a ‘green premium’ for sustainably produced material. Leveraging Benchmark’s market-leading price assessment methodologies, subscribers have been able to track this delta in real time since November 2023 for lithium and March 2024 for nickel metal and nickel sulphate.",{"type":660,"attrs":1007,"content":1008},{"level":662,"textAlign":49},[1009],{"text":1010,"type":593},"The following grades will be impacted by this change in frequency:",{"type":588,"attrs":1012,"content":1013},{"textAlign":49},[1014],{"text":1015,"type":593},"As a result of the change, Benchmark is seeking feedback on its plans to modify its methodology in relation to these grades. Public consultation for this change is now open for 30 days.",{"type":588,"attrs":1017,"content":1018},{"textAlign":49},[1019],{"text":1020,"type":593},"Benchmark invites feedback from active market participants by Thursday 11 December 2025 at the latest.",{"type":588,"attrs":1022,"content":1023},{"textAlign":49},[1024,1026],{"text":1025,"type":593},"Comments are welcomed via submission to: ",{"text":1027,"type":593,"marks":1028},"prices@benchmarkminerals.com",[1029],{"type":598,"attrs":1030},{"href":1031,"uuid":49,"anchor":49,"target":49,"linktype":601},"mailto:prices@benchmarkminerals.com","Benchmark Mineral Intelligence announced today that it has started a formal consultation on changes to the sustainable lithium and sustainable nickel grades in its Lithium Price Assessment and Nickel Price Assessment Methodologies. Benchmark proposes to change the frequency of updates to its list of eligible producers, whose material can contribute to these grades, from quarterly […]",[1034],{"slug":576,"name":577,"content":1035},{"job_title":579,"image":1036,"bio":582,"linkedin":583},{"filename":581},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"07795f4c-a898-45f4-9036-36ed277cc699\", \"id\": \"\"}-->",[1039,1040,1042,1044],{"slug":768,"name":769},{"slug":1041,"name":8},"lithium",{"slug":1043,"name":150},"nickel",{"slug":544,"name":543},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1046,"copyright":551,"fieldtype":778,"meta_data":1047,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/e2fc7a6dc0/bm-collage-prices-6.png",{"alt":551,"title":551,"source":551,"copyright":551},"Nov 11, 2025",{"id":1050,"uuid":1051,"name":1052,"slug":1053,"full_slug":1054,"content":1055},107056582040771,"5b1bab72-093b-4e8b-8195-6ad5d7f586e0","India looks to tighten black mass exports as it funds domestic refining capabilities","india-looks-to-tighten-black-mass-exports-as-it-funds-domestic-refining-capabilities","article/india-looks-to-tighten-black-mass-exports-as-it-funds-domestic-refining-capabilities",{"_uid":1056,"date":1057,"tags":1058,"editor":1063,"content":1067,"excerpt":1156,"featured":51,"reporter":1157,"_editable":1161,"component":764,"seo_title":1052,"categories":1162,"visibility":1168,"author_company":49,"featured_image":1169,"seo_description":1156,"author_full_name":49,"author_job_title":49,"formattedDate":1172},"ea42940f-f63f-4a68-a98a-b00a93f9dba2","2025-10-29 00:00",[1059,1060],{"slug":797,"name":373},{"slug":1061,"name":1062},"india","India",[1064],{"slug":576,"name":577,"content":1065},{"job_title":579,"image":1066,"bio":582,"linkedin":583},{"filename":581},{"type":585,"content":1068},[1069,1074,1079,1084,1089,1094,1099,1104,1109,1114,1127,1132,1140,1153],{"type":588,"attrs":1070,"content":1071},{"textAlign":49},[1072],{"text":1073,"type":593},"The Indian government has acknowledged that black mass exporters are circumventing hazardous waste export rules through the use of unrelated HS codes. Under current regulation, black mass can only be exported from India under a certain HS code once the exporting company has received an export control licence and further permissions from the Indian government.",{"type":588,"attrs":1075,"content":1076},{"textAlign":49},[1077],{"text":1078,"type":593},"The legislative reforms come as the government is looking to bolster its support for domestic refining capabilities through a $170 million grant scheme.",{"type":588,"attrs":1080,"content":1081},{"textAlign":49},[1082],{"text":1083,"type":593},"Black mass being exported incorrectly",{"type":588,"attrs":1085,"content":1086},{"textAlign":49},[1087],{"text":1088,"type":593},"According to the government, bypassing hazardous waste export rules and export licence controls, black mass exports are reducing the feedstock available to India’s refiners.",{"type":588,"attrs":1090,"content":1091},{"textAlign":49},[1092],{"text":1093,"type":593},"The acknowledgement that malpractice is occurring may lead to a crackdown on illegal exports. As well as this, Indian refiners have called for a complete ban on export licences to ensure critical materials remain within India.",{"type":588,"attrs":1095,"content":1096},{"textAlign":49},[1097],{"text":1098,"type":593},"Government grants for refining facilities",{"type":588,"attrs":1100,"content":1101},{"textAlign":49},[1102],{"text":1103,"type":593},"In September, the government approved a ₹1500 crores ($170 million) incentive scheme for building out critical mineral recycling and refining facilities in India. Further details were released in October by the Ministry of Mines.",{"type":588,"attrs":1105,"content":1106},{"textAlign":49},[1107],{"text":1108,"type":593},"The scheme will aid up to 20% of the CAPEX costs for a facility as well as offering further subsidies for OPEX costs. For larger entities the subsidies will have an overall ceiling of ₹50 crores ($5.7 million) while this will be ₹25 crores ($2.9 million) for smaller entities. At this time, it is unclear how “larger entities” and “smaller entities” are defined.",{"type":588,"attrs":1110,"content":1111},{"textAlign":49},[1112],{"text":1113,"type":593},"The scheme aims to develop at least 270 kilo ton of annual recycling capacity resulting in around 40 kilo ton annual critical mineral production.",{"type":588,"attrs":1115,"content":1116},{"textAlign":49},[1117,1119,1125],{"text":1118,"type":593},"This scheme not only shows the Indian government’s commitment to the recycling industry but will also prove a valuable help to recyclers looking to expand in the emerging industry. More broadly in the industry in 2025, Benchmark tracked funding that shows ",{"text":1120,"type":593,"marks":1121},"the majority of funding entering the recycling space is grants",[1122],{"type":598,"attrs":1123},{"href":1124,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/how-is-battery-supply-chain-funding-evolving-in-2025",{"text":1126,"type":593},", as governments recognise the industry’s importance.",{"type":588,"attrs":1128,"content":1129},{"textAlign":49},[1130],{"text":1131,"type":593},"India’s recycling environment",{"type":726,"attrs":1133},{"id":1134,"body":1135},"f4e1f057-e55a-41cd-9316-86b83ce79a35",[1136],{"id":1137,"_uid":1138,"type":733,"_editable":1139,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"25918047","i-09293cc7-9371-4b07-943e-619a998cb176","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-09293cc7-9371-4b07-943e-619a998cb176\", \"id\": \"\"}-->",{"type":588,"attrs":1141,"content":1142},{"textAlign":49},[1143,1145,1151],{"text":1144,"type":593},"India’s recycling industry has seen strong growth in recent years, driven by portables end of life scrap. According to ",{"text":1146,"type":593,"marks":1147},"Benchmark’s Q3 recycling forecast",[1148],{"type":598,"attrs":1149},{"href":1150,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/recycling",{"text":1152,"type":593},", the domestic recycling industry remains in overcapacity, though this is expected to turn to deficit by the early 2030s.",{"type":588,"attrs":1154,"content":1155},{"textAlign":49},[],"The Indian government has acknowledged that black mass exporters are circumventing hazardous waste export rules through the use of unrelated HS codes. Under current regulation, black mass can only be exported from India under a certain HS code once the exporting company has received an export control licence and further permissions from the Indian government. […]",[1158],{"slug":576,"name":577,"content":1159},{"job_title":579,"image":1160,"bio":582,"linkedin":583},{"filename":581},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"ea42940f-f63f-4a68-a98a-b00a93f9dba2\", \"id\": \"\"}-->",[1163,1166,1167],{"slug":1164,"name":1165},"batteries","Batteries",{"slug":773,"name":774},{"slug":544,"name":543},"private",{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1170,"copyright":551,"fieldtype":778,"meta_data":1171,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/65519bbe0a/bm-adobestock-325787626.jpeg",{"alt":551,"title":551,"source":551,"copyright":551},"Oct 29, 2025",{"id":1174,"uuid":1175,"name":1176,"slug":1177,"full_slug":1178,"content":1179},106713043189330,"a75955e6-67f8-4929-9971-d03946c4b87c","How is battery supply chain funding evolving in 2025?","how-is-battery-supply-chain-funding-evolving-in-2025","article/how-is-battery-supply-chain-funding-evolving-in-2025",{"_uid":1180,"date":1181,"tags":1182,"editor":1187,"content":1191,"excerpt":1481,"featured":51,"reporter":1482,"_editable":1486,"component":764,"seo_title":1176,"categories":1487,"visibility":776,"author_company":49,"data_vis_image":1504,"featured_image":1506,"seo_description":1509,"author_full_name":49,"author_job_title":49,"formattedDate":1510},"d375639c-6e42-4584-bb99-c197f0fcd029","2025-10-23 00:00",[1183,1184],{"slug":802,"name":803},{"slug":1185,"name":1186},"financial-markets","Financial Markets",[1188],{"slug":576,"name":577,"content":1189},{"job_title":579,"image":1190,"bio":582,"linkedin":583},{"filename":581},{"type":585,"content":1192},[1193,1245,1252,1257,1262,1267,1303,1308,1357,1392,1397,1419,1424,1458,1466],{"type":588,"attrs":1194,"content":1195},{"textAlign":49},[1196,1203,1214,1219,1227,1232,1241],{"text":1197,"type":593,"marks":1198},"Benchmark has tracked over $50 billion of ",[1199],{"type":1200,"attrs":1201},"textStyle",{"color":1202},"#3C3C39",{"text":1204,"type":593,"marks":1205},"energy transition funding",[1206,1209,1212],{"type":598,"attrs":1207},{"href":1208,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-january-2026",{"type":1200,"attrs":1210},{"color":1211},"#0969D7",{"type":1213},"underline",{"text":1215,"type":593,"marks":1216},", throughout 2025 in its ",[1217],{"type":1200,"attrs":1218},{"color":1202},{"text":1220,"type":593,"marks":1221},"Energy Transition Capital database",[1222,1224,1226],{"type":598,"attrs":1223},{"href":1208,"uuid":49,"anchor":49,"target":49,"linktype":601},{"type":1200,"attrs":1225},{"color":1211},{"type":1213},{"text":1228,"type":593,"marks":1229},", with the largest share allocated to the ",[1230],{"type":1200,"attrs":1231},{"color":1202},{"text":1233,"type":593,"marks":1234},"battery supply chain",[1235,1238,1240],{"type":598,"attrs":1236},{"href":1237,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/which-companies-control-the-lithium-ion-battery-supply-chain-2",{"type":1200,"attrs":1239},{"color":1211},{"type":1213},{"text":611,"type":593,"marks":1242},[1243],{"type":1200,"attrs":1244},{"color":1202},{"type":588,"attrs":1246,"content":1247},{"textAlign":49},[1248],{"type":634,"attrs":1249},{"id":49,"alt":551,"src":1250,"title":49,"source":49,"copyright":49,"meta_data":1251},"https://a.storyblok.com/f/287943243085208/a0fe8a61be/bm-battery-supply-chain-funding-2.png",{},{"type":588,"attrs":1253,"content":1254},{"textAlign":49},[1255],{"text":1256,"type":593},"The Energy Transition Capital tracks all funding across energy transition markets, for energy storage and mining this includes project financing where publicly available.",{"type":660,"attrs":1258,"content":1259},{"level":662,"textAlign":49},[1260],{"text":1261,"type":593},"The role of debt, grants, and equity",{"type":660,"attrs":1263,"content":1264},{"level":662,"textAlign":49},[1265],{"text":1266,"type":593},"Debt",{"type":588,"attrs":1268,"content":1269},{"textAlign":49},[1270,1275,1284,1289,1298],{"text":1271,"type":593,"marks":1272},"The ",[1273],{"type":1200,"attrs":1274},{"color":1202},{"text":1276,"type":593,"marks":1277},"EV, battery, and battery materials markets",[1278,1281,1283],{"type":598,"attrs":1279},{"href":1280,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/debt-in-the-ev-market-how-is-it-evolving",{"type":1200,"attrs":1282},{"color":1211},{"type":1213},{"text":1285,"type":593,"marks":1286}," have matured rapidly over the past few years. As a result, debt is playing an increasingly important role in financing these sectors. The ",[1287],{"type":1200,"attrs":1288},{"color":1202},{"text":1290,"type":593,"marks":1291},"energy storage",[1292,1295,1297],{"type":598,"attrs":1293},{"href":1294,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/battery-energy-stationary-storage",{"type":1200,"attrs":1296},{"color":1211},{"type":1213},{"text":1299,"type":593,"marks":1300}," and charging industries both saw the majority of their funding come through debt, testament to their growing maturity as the market recognises the increasing bankability of business models and more stable, secure revenue streams.",[1301],{"type":1200,"attrs":1302},{"color":1202},{"type":660,"attrs":1304,"content":1305},{"level":662,"textAlign":49},[1306],{"text":1307,"type":593},"Grants",{"type":588,"attrs":1309,"content":1310},{"textAlign":49},[1311,1316,1325,1330,1339,1344,1352],{"text":1312,"type":593,"marks":1313},"Grants accounted for the majority of funding in the ",[1314],{"type":1200,"attrs":1315},{"color":1202},{"text":1317,"type":593,"marks":1318},"battery recycling industry",[1319,1322,1324],{"type":598,"attrs":1320},{"href":1321,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/us-doe-funding-promises-680-million-to-support-domestic-recycling-projects",{"type":1200,"attrs":1323},{"color":1211},{"type":1213},{"text":1326,"type":593,"marks":1327},", as well as substantial portions of the ",[1328],{"type":1200,"attrs":1329},{"color":1202},{"text":1331,"type":593,"marks":1332},"battery materials and mining",[1333,1336,1338],{"type":598,"attrs":1334},{"href":1335,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/is-the-us-embarking-on-a-critical-mineral-spending-spree",{"type":1200,"attrs":1337},{"color":1211},{"type":1213},{"text":1340,"type":593,"marks":1341}," sectors. In previous years, equity funding had dominated recycling, but investor appetite has weakened as the business outlook remains uncertain amid ongoing market challenges. However, governments recognise the strategic importance of ",[1342],{"type":1200,"attrs":1343},{"color":1202},{"text":773,"type":593,"marks":1345},[1346,1349,1351],{"type":598,"attrs":1347},{"href":1348,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/glossary/lithium-ion-battery-recycling",{"type":1200,"attrs":1350},{"color":1211},{"type":1213},{"text":1353,"type":593,"marks":1354},", and grants are helping the industry stay afloat ahead of anticipated future revenue streams.",[1355],{"type":1200,"attrs":1356},{"color":1202},{"type":588,"attrs":1358,"content":1359},{"textAlign":49},[1360,1365,1374,1379,1388],{"text":1361,"type":593,"marks":1362},"For battery materials and mining, governments are increasingly aware of their reliance on ",[1363],{"type":1200,"attrs":1364},{"color":1202},{"text":1366,"type":593,"marks":1367},"China's supply chains",[1368,1371,1373],{"type":598,"attrs":1369},{"href":1370,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/infographic-chinas-lithium-ion-battery-supply-chain-dominance",{"type":1200,"attrs":1372},{"color":1211},{"type":1213},{"text":1375,"type":593,"marks":1376},". 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It covers funding from start-ups through to ",[1430],{"type":1200,"attrs":1431},{"color":1202},{"text":1433,"type":593,"marks":1434},"IPOs and market share price tracking",[1435,1438,1440],{"type":598,"attrs":1436},{"href":1437,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/publications/briefings",{"type":1200,"attrs":1439},{"color":1211},{"type":1213},{"text":1442,"type":593,"marks":1443},". For Source subscribers ",[1444],{"type":1200,"attrs":1445},{"color":1202},{"text":1447,"type":593,"marks":1448},"click here to see Benchmark's Energy Transition Capital Tracker",[1449,1451,1453],{"type":598,"attrs":1450},{"href":1208,"uuid":49,"anchor":49,"target":49,"linktype":601},{"type":1200,"attrs":1452},{"color":1211},{"type":1213},{"text":611,"type":593,"marks":1455},[1456],{"type":1200,"attrs":1457},{"color":1202},{"type":588,"attrs":1459,"content":1460},{"textAlign":49},[1461],{"text":1462,"type":593,"marks":1463},"For non subscribers, if you’d like to learn more, submit your details and our team will be in touch:",[1464],{"type":1465},"italic",{"type":726,"attrs":1467},{"id":1468,"body":1469},"c5735e5a-9555-4051-b957-aa49f745b8a8",[1470],{"id":1471,"_uid":1472,"_editable":1473,"component":1474,"wrap_in_box":50,"hubspot_form":1471,"redirect_url":1475,"success_file":1478,"default_height":551,"success_message":551,"success_sub_text":551,"hidden_field_values":1480},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-b77d3aee-b3e5-40a5-a9d4-29e4b71abfbf","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-b77d3aee-b3e5-40a5-a9d4-29e4b71abfbf\", \"id\": \"\"}-->","ContentHubspotForm",{"id":551,"url":551,"linktype":1476,"fieldtype":1477,"cached_url":551},"story","multilink",{"id":49,"alt":49,"name":551,"focus":49,"title":49,"source":49,"filename":551,"copyright":49,"fieldtype":778,"meta_data":1479},{},[],"Benchmark has tracked over $50 billion of energy transition funding, throughout 2025 in its Energy Transition Capital database, with the largest share allocated to the battery supply chain. The role of debt, grants, and equity Debt The EV, battery, and battery materials markets have matured rapidly over the past few years. As a result, debt is playing an increasingly […]",[1483],{"slug":576,"name":577,"content":1484},{"job_title":579,"image":1485,"bio":582,"linkedin":583},{"filename":581},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d375639c-6e42-4584-bb99-c197f0fcd029\", \"id\": \"\"}-->",[1488,1489,1492,1493,1496,1499,1502,1503],{"slug":1164,"name":1165},{"slug":1490,"name":1491},"battery-technology","Battery Technology",{"slug":768,"name":769},{"slug":1494,"name":1495},"ess","ESS",{"slug":1497,"name":1498},"ev","EV",{"slug":1500,"name":1501},"gigafactories","Battery & Gigafactory",{"slug":773,"name":774},{"slug":544,"name":543},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1250,"copyright":551,"fieldtype":778,"meta_data":1505,"is_external_url":51},{"alt":551,"title":551,"source":551,"copyright":551},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1507,"copyright":551,"fieldtype":778,"meta_data":1508,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/edd9fcbd6b/bm-adobestock-569678687.jpeg",{"alt":551,"title":551,"source":551,"copyright":551},"Benchmark has tracked over $50 billion of energy transition funding, throughout 2025 in its Energy Transition Capital database, with the largest share allocated to the battery supply chain. The role of debt, grants, and equity Debt The EV, battery,  […]","Oct 23, 2025",{"id":1512,"uuid":1513,"name":1514,"slug":1515,"full_slug":1516,"content":1517},106713837858465,"4d23bf42-2e8f-45e6-b625-a7c7ae1e4514","How battery technology supports mine decarbonisation","how-battery-technology-supports-mine-decarbonisation","article/how-battery-technology-supports-mine-decarbonisation",{"_uid":1518,"date":1519,"tags":1520,"editor":1527,"content":1531,"excerpt":1669,"featured":51,"reporter":1670,"_editable":1674,"component":764,"seo_title":1514,"categories":1675,"visibility":1168,"author_company":49,"data_vis_image":1681,"featured_image":1684,"seo_description":1687,"author_full_name":49,"author_job_title":49,"formattedDate":1688},"21cd87f5-9fb7-46c0-83ae-07cef8b9406b","2025-10-21 00:00",[1521,1522,1524],{"slug":802,"name":803},{"slug":1523,"name":1523},"mining",{"slug":1525,"name":1526},"esg","ESG",[1528],{"slug":576,"name":577,"content":1529},{"job_title":579,"image":1530,"bio":582,"linkedin":583},{"filename":581},{"type":585,"content":1532},[1533,1546,1565,1570,1575,1580,1585,1593,1598,1603,1616,1621,1626,1631,1659,1664],{"type":588,"attrs":1534,"content":1535},{"textAlign":49},[1536,1538,1544],{"text":1537,"type":593},"The mining industry accounted for ~5% of global ",{"text":1539,"type":593,"marks":1540},"carbon emissions",[1541],{"type":598,"attrs":1542},{"href":1543,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/lca",{"text":1545,"type":593}," last year, with roughly half originating from mining vehicles.",{"type":588,"attrs":1547,"content":1548},{"textAlign":49},[1549,1555,1557,1563],{"text":1550,"type":593,"marks":1551},"Electrifying mine sites",[1552],{"type":598,"attrs":1553},{"href":1554,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://rhomotion.com/membership-videos/the-electrification-of-mining-the-new-era/",{"text":1556,"type":593}," offers an opportunity for miners to ",{"text":1558,"type":593,"marks":1559},"cut emissions",[1560],{"type":598,"attrs":1561},{"href":1562,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/benchmarks-lithium-carbon-curves-reveals-10x-emissions-gap-across-top-50-operations",{"text":1564,"type":593}," while also reducing costs. With 30%–50% of a mine’s energy costs attributed to diesel, replacing internal combustion fleets can deliver significant savings.",{"type":588,"attrs":1566,"content":1567},{"textAlign":49},[1568],{"text":1569,"type":593},"“Mining electrification is the silver bullet to decarbonization in mining, it even makes it economically viable,” Joachim Braun, division president of ABB Process Industries, told Benchmark Source on the sidelines of the FT Live Metals and Mining Summit in London earlier in October. “In a lot of cases, you get a lot of additional benefit from this, other than just substituting basically one fuel by another.”",{"type":588,"attrs":1571,"content":1572},{"textAlign":49},[1573],{"text":1574,"type":593},"Members of the International Council on Mining and Metals are targeting net‑zero scope 1 and scope 2 emissions by 2050 or sooner.",{"type":660,"attrs":1576,"content":1577},{"level":662,"textAlign":49},[1578],{"text":1579,"type":593},"What strategies are there for mine site electrification?",{"type":588,"attrs":1581,"content":1582},{"textAlign":49},[1583],{"text":1584,"type":593},"The electrification of mining vehicles can take several forms, from entirely running on a battery, to being powered via a catenary system. Hybrid approaches also exist, allowing vehicles to switch between battery and catenary operation, or between electric and diesel modes.",{"type":726,"attrs":1586},{"id":1587,"body":1588},"c5e4ae9a-7d6b-45bd-8b00-b8d08c41f74b",[1589],{"id":1590,"_uid":1591,"type":733,"_editable":1592,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"25639363","i-00d4d010-7e69-4958-bfb9-8d1b712b1fe8","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-00d4d010-7e69-4958-bfb9-8d1b712b1fe8\", \"id\": \"\"}-->",{"type":588,"attrs":1594,"content":1595},{"textAlign":49},[1596],{"text":1597,"type":593},"Catenary systems are most effective on fixed routes, such as haul circuits for waste or ore. While they reduce reliance on batteries, they are capital‑intensive and less flexible. Hybrid vehicles that can use both catenary lines and on‑board batteries therefore offer improved operational flexibility without depending entirely on static charging infrastructure.",{"type":588,"attrs":1599,"content":1600},{"textAlign":49},[1601],{"text":1602,"type":593},"Fully battery‑electric vehicles (BEVs) are particularly suited to underground mining, where they lower ventilation costs due to the elimination of exhaust emissions. Charging or battery‑swapping stations underground can further improve productivity.",{"type":588,"attrs":1604,"content":1605},{"textAlign":49},[1606,1608,1614],{"text":1607,"type":593},"Given often remote locations, many mine sites operate their own isolated electricity grids. Switching these to ",{"text":1609,"type":593,"marks":1610},"renewables",[1611],{"type":598,"attrs":1612},{"href":1613,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/can-renewables-help-clean-up-indonesias-nickel-industry",{"text":1615,"type":593}," such as solar or wind power can enable deeper decarbonisation. However, as mining operations typically run 24/7, energy storage is essential to maintain power when generation is low, such as overnight.",{"type":588,"attrs":1617,"content":1618},{"textAlign":49},[1619],{"text":1620,"type":593},"“Mine optimisation looks different with renewable energy,” Braun said. “If you have renewable power sources, then you probably need to put in some intelligence to manage them.”",{"type":660,"attrs":1622,"content":1623},{"level":662,"textAlign":49},[1624],{"text":1625,"type":593},"What activity has there been in the space this year?",{"type":588,"attrs":1627,"content":1628},{"textAlign":49},[1629],{"text":1630,"type":593},"Australia’s Fortescue Metals signed a US$2.8bn partnership with mine vehicle producer Liebherr includes 360 autonomous battery-electric trucks, 55 electric excavators and 60 battery-powered dozers. Fortescue also has a deal worth $400m with Chinese electric mining vehicle producer XCMG.",{"type":588,"attrs":1632,"content":1633},{"textAlign":49},[1634,1636,1642,1644,1650,1651,1657],{"text":1635,"type":593},"Australian ",{"text":1637,"type":593,"marks":1638},"mining giant BHP",[1639],{"type":598,"attrs":1640},{"href":1641,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/search/tag/bhp",{"text":1643,"type":593}," signed memoranda of understanding  (MoUs) with both ",{"text":1645,"type":593,"marks":1646},"BYD",[1647],{"type":598,"attrs":1648},{"href":1649,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/search/tag/byd",{"text":603,"type":593},{"text":1652,"type":593,"marks":1653},"CATL",[1654],{"type":598,"attrs":1655},{"href":1656,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/search/tag/catl",{"text":1658,"type":593}," to explore mine decarbonisation and electrification solutions in July of this year.",{"type":588,"attrs":1660,"content":1661},{"textAlign":49},[1662],{"text":1663,"type":593},"In August, the Australian Renewable Energy Agency (ARENA) awarded A$9m (US$5.8m) to BluVein to develop its “rail and hammer” dynamic charging system for heavy-haul mining BEVs.",{"type":588,"attrs":1665,"content":1666},{"textAlign":49},[1667],{"text":1668,"type":593},"Switzerland-based ABB signed a partnership with Sumitomo in April this year, following two other partnerships with Japanese firms Hitachi and Komatsu to explore the decarbonisation of mining machinery both in Japan and globally. In October, ABB also announced a collaboration with Sweden’s LKAB on mine automation, electrification and digitisation, including BEV charging and management.","The mining industry accounted for ~5% of global carbon emissions last year, with roughly half originating from mining vehicles. Electrifying mine sites offers an opportunity for miners to cut emissions while also reducing costs. With 30%–50% of a mine’s energy costs attributed to diesel, replacing internal combustion fleets can deliver significant savings. “Mining electrification is […]",[1671],{"slug":576,"name":577,"content":1672},{"job_title":579,"image":1673,"bio":582,"linkedin":583},{"filename":581},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"21cd87f5-9fb7-46c0-83ae-07cef8b9406b\", \"id\": \"\"}-->",[1676,1677,1678,1679,1680],{"slug":1164,"name":1165},{"slug":1490,"name":1491},{"slug":1494,"name":1495},{"slug":1497,"name":1498},{"slug":544,"name":543},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1682,"copyright":551,"fieldtype":778,"meta_data":1683,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1761041300/www-production/Electrified-mine-site@2x/Electrified-mine-site@2x.png?_i=AA",{"alt":551,"title":551,"source":551,"copyright":551},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1685,"copyright":551,"fieldtype":778,"meta_data":1686,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c7ae31f798/bm-minetruck-mt42-sg-trolley-1.jpeg",{"alt":551,"title":551,"source":551,"copyright":551},"The mining industry accounted for ~5% of global carbon emissions last year, with roughly half originating from mining vehicles. Electrifying mine sites offers an opportunity for miners to cut emissions while also reducing costs. With 30%–50%  […]","Oct 21, 2025",{"id":1690,"uuid":1691,"name":1692,"slug":1693,"full_slug":1694,"content":1695},106707119733491,"a3e6f249-8bfa-4d31-80ee-6efd93c869a4","Q3 2025 Black Mass Price Review: China lifts black mass import restrictions","q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions","article/q3-2025-black-mass-price-review-china-lifts-black-mass-import-restrictions",{"_uid":1696,"date":1697,"tags":1698,"editor":1714,"content":1724,"excerpt":1858,"featured":50,"reporter":1859,"_editable":1863,"component":764,"seo_title":1692,"categories":1864,"visibility":1168,"author_company":49,"data_vis_image":1867,"featured_image":1870,"seo_description":1858,"author_full_name":49,"author_job_title":49,"formattedDate":1872},"efb81537-dec7-42c0-9bf9-fabda5ac49d4","2025-10-08 00:00",[1699,1702,1703,1706,1707,1708,1711],{"slug":1700,"name":1701},"asia","Asia",{"slug":797,"name":373},{"slug":1704,"name":1705},"black-mass-prices","Black mass prices",{"slug":799,"name":800},{"slug":802,"name":803},{"slug":1709,"name":1710},"europe","Europe",{"slug":1712,"name":1713},"north-america","North America",[1715],{"slug":1716,"name":1717,"content":1718},"didi-bostock","Didi Bostock",{"job_title":1719,"image":1720,"bio":1722,"linkedin":1723},"Editor - Energy Transition & Economics",{"filename":1721},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":585,"content":1725},[1726,1739,1744,1752,1757,1784,1795,1800,1807,1815,1822,1836,1850],{"type":588,"attrs":1727,"content":1728},{"textAlign":49},[1729,1731,1737],{"text":1730,"type":593},"Black mass markets in Q3 2025 were largely shaped by ",{"text":1732,"type":593,"marks":1733},"China’s",[1734],{"type":598,"attrs":1735},{"href":1736,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/infographic-how-much-of-the-recycling-industry-does-china-control",{"text":1738,"type":593}," lifting of import restrictions on 1 August, which re‑routed trade flows. Outside of China, this has created a two-tier market divided by compliance with Chinese custom’s quality controls. Compliant material commanded high premiums (79%–84%), while producers of non‑compliant batches struggled to clear material, trading at lower payables (70%–75%).",{"type":588,"attrs":1740,"content":1741},{"textAlign":49},[1742],{"text":1743,"type":593},"Despite China’s relaxation of its black mass import ban, the country’s stringent policing of imports kept liquidity relatively subdued. Those companies importing material did so in small volumes, often using subsidiaries or partners to avoid scrutiny and focusing primarily on high quality batches from production scrap feedstock.",{"type":726,"attrs":1745},{"id":1746,"body":1747},"c6636775-ce92-4d7b-80d1-405006000b73",[1748],{"id":1749,"_uid":1750,"type":733,"_editable":1751,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"25447387","i-4792d280-dd54-4b10-8e65-be3662b238c3","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4792d280-dd54-4b10-8e65-be3662b238c3\", \"id\": \"\"}-->",{"type":660,"attrs":1753,"content":1754},{"level":662,"textAlign":49},[1755],{"text":1756,"type":593},"Key trends by chemistry",{"type":588,"attrs":1758,"content":1759},{"textAlign":49},[1760,1762,1767,1769,1775,1776,1782],{"text":1761,"type":593},"Across chemistries, ",{"text":1763,"type":593,"marks":1764},"NCM payables",[1765],{"type":598,"attrs":1766},{"href":899,"uuid":49,"anchor":49,"target":49,"linktype":601},{"text":1768,"type":593}," held firm globally this quarter, supported by stable-to-bullish ",{"text":1770,"type":593,"marks":1771},"cobalt",[1772],{"type":598,"attrs":1773},{"href":1774,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027",{"text":603,"type":593},{"text":1777,"type":593,"marks":1778},"nickel prices",[1779],{"type":598,"attrs":1780},{"href":1781,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/nickel-prices-q3-2025-review-china-restocking-lifts-sulphate-and-mhp-as-lme-oversupply-persists",{"text":1783,"type":593},", as well as robust Asian demand. LCO recovered from earlier lows as virgin cobalt metal and chemical prices rose due to the extension of the DRC’s export ban.",{"type":588,"attrs":1785,"content":1786},{"textAlign":49},[1787,1793],{"text":1788,"type":593,"marks":1789},"LFP black mass",[1790],{"type":598,"attrs":1791},{"href":1792,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/video/watch/lfp-recycling-unlocked-powering-the-circular-economy-future",{"text":1794,"type":593}," prices, by contrast, rose at the start of the quarter due to concerns of hard rock supply tightening, elevating the price of lithium chemicals in China. However, as these fears subsided, lithium chemical prices dipped, squeezing the margins at processors, in turn causing a drop in the price for LFP black mass.",{"type":660,"attrs":1796,"content":1797},{"level":662,"textAlign":49},[1798],{"text":1799,"type":593},"Key regional trends in black mass prices in Q3",{"type":588,"attrs":1801,"content":1802},{"textAlign":49},[1803,1805],{"text":1804,"type":593},"China:",{"text":1806,"type":593}," China’s import ban removal hasn’t flooded the market as many expected, since cautious procurement, strict compliance requirements, and customs scrutiny tempered import volumes. Moreover, margins at hydrometallurgical plants remained weak, primarily due to declines in lithium chemical prices. This put operations under pressure, especially those handling LFP black mass",{"type":726,"attrs":1808},{"id":1809,"body":1810},"0fa4ad5d-ded3-49b9-a692-27ac4c9cc64f",[1811],{"id":1812,"_uid":1813,"type":733,"_editable":1814,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"25506751","i-f9f30414-a971-4589-8985-7c4398fc4306","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f9f30414-a971-4589-8985-7c4398fc4306\", \"id\": \"\"}-->",{"type":588,"attrs":1816,"content":1817},{"textAlign":49},[1818,1820],{"text":1819,"type":593},"Rest of Asia (ex China):",{"text":1821,"type":593}," In the seaborne Asia market, two bands of payables have emerged due to Chinese import rule compliance. Otherwise, the market has become increasingly structured by upgrading practices, including blending and crude hydrometallurgy, amongst others.",{"type":588,"attrs":1823,"content":1824},{"textAlign":49},[1825,1827,1829,1834],{"text":1826,"type":593},"North America:",{"text":1828,"type":593}," An increasingly constrained market dominated by quality differentiation has emerged. ",{"text":1830,"type":593,"marks":1831},"US material is favoured for consistency and quality over Europe",[1832],{"type":598,"attrs":1833},{"href":825,"uuid":49,"anchor":49,"target":49,"linktype":601},{"text":1835,"type":593},", but greater demand has been capped by high freight costs, political instability, and batch variance. Supply has been restricted as some operations went offline and many producers have opted to withhold material in the hope that prices improve towards the end of 2025. Uncertainty surrounding policy is hindering expansion, investment, and large commercial deals.",{"type":588,"attrs":1837,"content":1838},{"textAlign":49},[1839,1841,1843,1848],{"text":1840,"type":593},"Europe:",{"text":1842,"type":593}," European payable levels were volatile this quarter, hinging on the availability of production scrap sourced material. The waste vs product gap re‑emerged because overseas buyers increasingly favoured higher quality product classified material that would be more likely to pass Chinese customs, elevating product status black mass payables. Furthermore, many buyers were unable to meet the logistical and cost hurdles of ",{"text":1844,"type":593,"marks":1845},"shipping hazardous waste classified material",[1846],{"type":598,"attrs":1847},{"href":881,"uuid":49,"anchor":49,"target":49,"linktype":601},{"text":1849,"type":593},", putting downward pressure on these payables.",{"type":726,"attrs":1851},{"id":1852,"body":1853},"70e806e4-6f88-41f6-bc3e-17967cff91a5",[1854],{"id":1855,"_uid":1856,"type":733,"_editable":1857,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"25509309","i-b70a07ba-3634-4489-b90f-8d2a018c59a0","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b70a07ba-3634-4489-b90f-8d2a018c59a0\", \"id\": \"\"}-->","Black mass markets in Q3 2025 were largely shaped by China’s lifting of import restrictions on 1 August, which re‑routed trade flows. Outside of China, this has created a two-tier market divided by compliance with Chinese custom’s quality controls. Compliant material commanded high premiums (79%–84%), while producers of non‑compliant batches struggled to clear material, trading […]",[1860],{"slug":1716,"name":1717,"content":1861},{"job_title":1719,"image":1862,"bio":1722,"linkedin":1723},{"filename":1721},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"efb81537-dec7-42c0-9bf9-fabda5ac49d4\", \"id\": \"\"}-->",[1865,1866],{"slug":773,"name":774},{"slug":544,"name":543},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":1868,"copyright":551,"fieldtype":778,"meta_data":1869,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1759923353/www-production/Socials-Q3-black-mass-payables-China@2x-2/Socials-Q3-black-mass-payables-China@2x-2.png?_i=AA",{"alt":551,"title":551,"source":551,"copyright":551},{"id":49,"alt":551,"name":551,"focus":551,"title":551,"source":551,"filename":935,"copyright":551,"fieldtype":778,"meta_data":1871,"is_external_url":51},{"alt":551,"title":551,"source":551,"copyright":551},"Oct 08, 2025",{"id":1874,"uuid":1875,"name":1876,"slug":1877,"full_slug":1878,"content":1879},107059295472462,"a7c76a40-25a2-46c3-879d-3e5ae00319ab","Indonesia launches illegal nickel mining crackdown","indonesia-launches-illegal-nickel-mining-crackdown","article/indonesia-launches-illegal-nickel-mining-crackdown",{"_uid":1880,"date":1881,"tags":1882,"editor":1887,"content":1891,"excerpt":1978,"featured":51,"reporter":1979,"_editable":1983,"component":764,"seo_title":1876,"categories":1984,"visibility":1168,"author_company":49,"featured_image":1988,"seo_description":1978,"author_full_name":49,"author_job_title":49,"formattedDate":1991},"a66f0f42-8b0f-4445-aa57-349a12e5dbbb","2025-09-17 00:00",[1883,1886],{"slug":1884,"name":1885},"indonesia","Indonesia",{"slug":1525,"name":1526},[1888],{"slug":576,"name":577,"content":1889},{"job_title":579,"image":1890,"bio":582,"linkedin":583},{"filename":581},{"type":585,"content":1892},[1893,1898,1903,1908,1916,1927,1932,1937,1942,1947,1955,1960,1973],{"type":588,"attrs":1894,"content":1895},{"textAlign":49},[1896],{"text":1897,"type":593},"Indonesia’s Forestry Task Force last week seized ~148 hectares of land occupied by PT Weda Bay Nickel in Halmahera, North Maluku, citing a lack of relevant permits.",{"type":588,"attrs":1899,"content":1900},{"textAlign":49},[1901],{"text":1902,"type":593},"The move marks the first high-profile enforcement in the nickel sector since President Prabowo Subianto vowed to step up action against illegal mining in August. Officials said the task force was investigating more than 1,000 sites for similar breaches, echoing a similar crackdown on the palm oil industry earlier this year.",{"type":588,"attrs":1904,"content":1905},{"textAlign":49},[1906],{"text":1907,"type":593},"PT Weda Bay Nickel, a joint venture between China’s Tsingshan and France’s Eramet, is Indonesia’s – and the world’s – largest nickel mine, projected to produce ~310,000t of nickel in 2025, according to the Benchmark Nickel Forecast. This represents 12% of Indonesia’s total mined output and 8% of global supply this year.",{"type":726,"attrs":1909},{"id":1910,"body":1911},"a6fe02e7-f09e-4a08-b0e6-84cdca86d9d7",[1912],{"id":1913,"_uid":1914,"type":733,"_editable":1915,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"25163993","i-17b5c46e-185d-491d-80d5-5b75bb0bda2a","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-17b5c46e-185d-491d-80d5-5b75bb0bda2a\", \"id\": \"\"}-->",{"type":588,"attrs":1917,"content":1918},{"textAlign":49},[1919,1921],{"text":1920,"type":593},"The mine spans ~45,000 hectares, making the land seizure only a small share of the overall site. Benchmark therefore anticipates a relatively limited impact on the mine’s output, ",{"text":1922,"type":593,"marks":1923},"although a wider crackdown could signal additional ore tightness for domestic smelters over the coming months.",[1924],{"type":598,"attrs":1925},{"href":1926,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/indonesian-nickel-smelters-face-soaring-ore-costs-amid-domestic-supply-crunch",{"type":660,"attrs":1928,"content":1929},{"level":662,"textAlign":49},[1930],{"text":1931,"type":593},"Weda Bay disproportionately affected by mine quota restrictions",{"type":588,"attrs":1933,"content":1934},{"textAlign":49},[1935],{"text":1936,"type":593},"The Weda Bay mine supplies a large share of Indonesia Weda Bay Industrial Park (IWIP) ore requirements – the country’s second-largest nickel industrial park – serving both rotary kiln electric furnace (RKEF) smelters and the Huafei high pressure acid leach (HPAL) operation, the world’s largest by capacity.",{"type":588,"attrs":1938,"content":1939},{"textAlign":49},[1940],{"text":1941,"type":593},"The mine could supply ~50% (>80Mwmt of ore) of IWIP’s ore demand, according to operator Eramet, but has faced restricted quotas from the Ministry of Energy and Mineral Resources for the 2024–2026 period, capped at 32Mwmt in 2025. Although revised upwards to 42Mwmt in July, the limit has left processors at IWIP managing a shortfall in local ore supply.",{"type":588,"attrs":1943,"content":1944},{"textAlign":49},[1945],{"text":1946,"type":593},"As a result, Weda Bay is the leading importer of nickel ore from the Philippines year-to-date, Benchmark analysis of trade data shows. This reflects not only volume requirements but also ore quality: operations blend imported ore to balance high silicon-magnesium (Si-Mg) levels in local ore, helping to lower processing costs.",{"type":726,"attrs":1948},{"id":1949,"body":1950},"4464ff23-81aa-4e7c-baea-4f28ceb5495b",[1951],{"id":1952,"_uid":1953,"type":733,"_editable":1954,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"25177806","i-f0dd02d2-1c07-47c6-ab85-7b37f61c67e1","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-f0dd02d2-1c07-47c6-ab85-7b37f61c67e1\", \"id\": \"\"}-->",{"type":660,"attrs":1956,"content":1957},{"level":662,"textAlign":49},[1958],{"text":1959,"type":593},"Indonesian policy shifts emerge as key nickel market risk",{"type":588,"attrs":1961,"content":1962},{"textAlign":49},[1963,1965,1971],{"text":1964,"type":593},"Indonesia has built a near-monopoly over global refined nickel supply, ",{"text":1966,"type":593,"marks":1967},"and the government has begun tightening regulations in several areas",[1968],{"type":598,"attrs":1969},{"href":1970,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/is-indonesias-nickel-boom-at-risk-from-shifting-policy",{"text":1972,"type":593}," to exert greater control over the country’s resources.",{"type":588,"attrs":1974,"content":1975},{"textAlign":49},[1976],{"text":1977,"type":593},"These measures mark a shift from the rapid supply expansion of 2019–2023 towards a more tightly regulated operating environment. Benchmark views Indonesia’s evolving policy environment as the primary supply-side risk to the nickel industry, even though the current measures are unlikely to fundamentally alter market balance in the short to medium term.","Indonesia’s Forestry Task Force last week seized ~148 hectares of land occupied by PT Weda Bay Nickel in Halmahera, North Maluku, citing a lack of relevant permits. The move marks the first high-profile enforcement in the nickel sector since President Prabowo Subianto vowed to step up action against illegal mining in August. 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This snapshot outlines and charts the key trends across the cell, cathode and anode markets. The data and insights in this snapshot draw on ",{"text":2527,"type":593,"marks":2528},"Benchmark’s Q4 2025 forecasts",[2529],{"type":598,"attrs":2530},{"href":2531,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/supply-chain-data",{"text":611,"type":593},{"type":2534},"horizontal_rule",{"type":660,"attrs":2536,"content":2538},{"level":2537,"textAlign":49},2,[2539],{"text":2540,"type":593},"Demand trends",{"type":726,"attrs":2542},{"id":2543,"body":2544},"6ec89532-b609-4849-8592-a3f874d57bad",[2545],{"id":2546,"_uid":2547,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317250","i-a1924b99-7ac8-41f3-9d8c-3b59ea2883e6",{"type":2549,"content":2550},"bullet_list",[2551,2567,2590,2612,2619,2638,2645],{"type":2552,"content":2553},"list_item",[2554],{"type":588,"attrs":2555,"content":2556},{"textAlign":49},[2557,2559,2565],{"text":2558,"type":593},"Benchmark increased its 2025 forecast for cell demand by 9% compared to its Q3 2025 forecast, due to changes in demand adjustment factors. ",{"text":2560,"type":593,"marks":2561},"2025 battery demand",[2562],{"type":598,"attrs":2563},{"href":2564,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/battery-demand-to-reach-1-6-twh-in-2025-as-benchmark-week-comes-to-a-close-in-la",{"text":2566,"type":593}," is forecast to have increased 27.8% compared to 2024 (as of the Q4 2025 forecast).",{"type":2552,"content":2568},[2569],{"type":588,"attrs":2570,"content":2571},{"textAlign":49},[2572,2574,2580,2582,2588],{"text":2573,"type":593},"Over 300 GWh of new ",{"text":2575,"type":593,"marks":2576},"BESS capacity",[2577],{"type":598,"attrs":2578},{"href":2579,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/china-bess-installations-in-december-surpass-us-2025-total",{"text":2581,"type":593}," is forecast to have been deployed in 2025, ",{"text":2583,"type":593,"marks":2584},"up 44% from 211 GWh",[2585],{"type":598,"attrs":2586},{"href":2587,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/global-bess-installments-increase-29-y-o-y",{"text":2589,"type":593}," of new capacity deployed in 2024. New capacity installations are forecast to increase a further 51% in 2026.",{"type":2552,"content":2591},[2592],{"type":588,"attrs":2593,"content":2594},{"textAlign":49},[2595,2597,2603,2605,2610],{"text":2596,"type":593},"Although the ",{"text":2598,"type":593,"marks":2599},"BESS market",[2600],{"type":598,"attrs":2601},{"href":2602,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"text":2604,"type":593}," is rapidly growing, ",{"text":2606,"type":593,"marks":2607},"EVs still represent",[2608],{"type":598,"attrs":2609},{"href":1410,"uuid":49,"anchor":49,"target":49,"linktype":601},{"text":2611,"type":593}," the largest share of the battery market (76% in 2025).",{"type":2552,"content":2613},[2614],{"type":588,"attrs":2615,"content":2616},{"textAlign":49},[2617],{"text":2618,"type":593},"In the US, Benchmark anticipates a 30% drop in EV sales in 2026. BESS demand is forecast to tick up, though this is not enough to stave off an overall decrease in battery demand.",{"type":2552,"content":2620},[2621],{"type":588,"attrs":2622,"content":2623},{"textAlign":49},[2624,2628,2635],{"text":2625,"type":593,"marks":2626},"Download Benchmark’s special issue reviewing the ",[2627],{"type":1465},{"text":2629,"type":593,"marks":2630},"first year of Trump 2.0",[2631,2634],{"type":598,"attrs":2632},{"href":2633,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/publications/special-issues/1351985",{"type":1465},{"text":611,"type":593,"marks":2636},[2637],{"type":1465},{"type":2552,"content":2639},[2640],{"type":588,"attrs":2641,"content":2642},{"textAlign":49},[2643],{"text":2644,"type":593},"Lithium iron phosphate (LFP) battery deployment has increased 43% year-to-date on the back of strong growth in the Chinese EV market and the global BESS market. As such, LFP’s share of the 2025 market has increased to 60% compared to 52% in 2024. It is forecast to grow further to 71% by 2030.",{"type":2552,"content":2646},[2647],{"type":588,"attrs":2648,"content":2649},{"textAlign":49},[2650],{"text":2651,"type":593},"On the anode side, Benchmark increased its forecast for silicon-bearing anodes, especially in the EV sector, on the back of technical developments in the area. Graphite–silicon composite anodes represent 5% of the market in 2025. By 2035, this is set to grow to 10%, with a further 4% taken up by silicon engineered anodes (with a Si loading above 10 wt%). In 2025, synthetic graphite anodes represent 81% of the market.",{"type":2534},{"type":660,"attrs":2654,"content":2655},{"level":2537,"textAlign":49},[2656],{"text":2657,"type":593},"Supply trends",{"type":726,"attrs":2659},{"id":2543,"body":2660},[2661],{"id":2662,"_uid":2663,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317244","i-365d2889-e8ec-42a9-b0a1-99eb356da367",{"type":2549,"content":2665},[2666,2680,2687,2702,2729,2736],{"type":2552,"content":2667},[2668],{"type":588,"attrs":2669,"content":2670},{"textAlign":49},[2671,2673,2679],{"text":2672,"type":593},"Benchmark’s 2025 battery cell production forecast increased 12% compared to last quarter, primarily on the back of large increases in BESS cell output in China. North America also saw a notable uptick in its ",{"text":2674,"type":593,"marks":2675},"LFP cell pipeline",[2676],{"type":598,"attrs":2677},{"href":2678,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/north-america-sees-lfp-production-capacity-pipeline-grow-driven-by-the-bess-market",{"text":611,"type":593},{"type":2552,"content":2681},[2682],{"type":588,"attrs":2683,"content":2684},{"textAlign":49},[2685],{"text":2686,"type":593},"Overall, cell supply increased 36% in 2025 compared to 2024, cathode active material (CAM) supply increased 42%, and anode active material (AAM) supply increased 32%.",{"type":2552,"content":2688},[2689],{"type":588,"attrs":2690,"content":2691},{"textAlign":49},[2692,2694,2700],{"text":2693,"type":593},"The largest Chinese gigafactory added to the pipeline in Q4 2025 is the 33.6 GWh Tier 1 facility by CALB/Leapmotor. Outside of China, the largest addition is ",{"text":2695,"type":593,"marks":2696},"Inobat’s Tier 3 facility in Spain",[2697],{"type":598,"attrs":2698},{"href":2699,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/inobats-planned-spanish-gigafactory-gains-state-support",{"text":2701,"type":593},", with a capacity of 32 GWh due online in 2027.",{"type":2552,"content":2703},[2704],{"type":588,"attrs":2705,"content":2706},{"textAlign":49},[2707,2712,2714,2720,2722,2728],{"text":1652,"type":593,"marks":2708},[2709],{"type":598,"attrs":2710},{"href":2711,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/catl-posts-record-results-as-efficiency-and-capacity-expansion-drive-profit-growth",{"text":2713,"type":593}," reportedly began mass production of its Gen V LFP cells in mid-November 2025. The company also took a controlling stake (51%) in Jiangxi Shenghua New Materials (the cathode subsidiary of Fulin Precision) in September, strengthening its position in the midstream. The technology to produce such CAM material was subject to ",{"text":2715,"type":593,"marks":2716},"China’s export controls",[2717],{"type":598,"attrs":2718},{"href":2719,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/china-proposes-restrictions-on-lithium-and-cathode-technology-exports",{"text":2721,"type":593},", though these have now been suspended until ",{"text":2723,"type":593,"marks":2724},"10 November 2026",[2725],{"type":598,"attrs":2726},{"href":2727,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/china-delays-rare-earth-export-controls-after-us-china-trade-talks",{"text":611,"type":593},{"type":2552,"content":2730},[2731],{"type":588,"attrs":2732,"content":2733},{"textAlign":49},[2734],{"text":2735,"type":593},"Compared to 2024, natural graphite and synthetic graphite anode active material supply is forecast to have risen by 16% and 36%, respectively, in 2025, driven by China.",{"type":2552,"content":2737},[2738],{"type":588,"attrs":2739,"content":2740},{"textAlign":49},[2741],{"text":2742,"type":593},"The top 15 companies are forecast to represent 84%, 56%, and 79% of the cell, cathode, and anode markets in 2025, respectively.",{"type":726,"attrs":2744},{"id":2543,"body":2745},[2746],{"id":2747,"_uid":2748,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317249","i-e5b799bc-2ba4-4cc5-8eb4-36c6684b168b",{"type":2534},{"type":660,"attrs":2751,"content":2752},{"level":2537,"textAlign":49},[2753],{"text":2754,"type":593},"Market balances",{"type":2549,"content":2756},[2757,2764,2771,2778],{"type":2552,"content":2758},[2759],{"type":588,"attrs":2760,"content":2761},{"textAlign":49},[2762],{"text":2763,"type":593},"Overall, the cell market is expected to be in surplus until 2034 in Benchmark’s base case scenario. Although China is the only region currently in a cell production surplus, North America is set to enter a surplus in 2027 on the back of reduced EV demand in the US. For NCM cell chemistries, this North American surplus is set to begin in 2026.",{"type":2552,"content":2765},[2766],{"type":588,"attrs":2767,"content":2768},{"textAlign":49},[2769],{"text":2770,"type":593},"The global cathode market is forecast to be oversupplied until 2031, with the Asian and Chinese markets significantly oversupplied in the near term. LFP specifically is forecast to enter a deficit from 2030, and mid-nickel NCM chemistries in 2029. LCO and NCA cathode active materials are anticipated to remain in surplus through to 2040.",{"type":2552,"content":2772},[2773],{"type":588,"attrs":2774,"content":2775},{"textAlign":49},[2776],{"text":2777,"type":593},"Although the CAM market is oversupplied based on end-use demand, the overproduction of battery cells means the market balance for CAM could be tighter than anticipated, with a deficit under this model as early as 2028. However, aggressive destocking of cells and adjustments in gigafactory utilisation rates could push this back to the end of the decade.",{"type":2552,"content":2779},[2780],{"type":588,"attrs":2781,"content":2782},{"textAlign":49},[2783],{"text":2784,"type":593},"The anode active material market is forecast to be in surplus until 2035. However, demand growth for natural graphite AAM outpaces supply growth and is therefore expected to fall into a deficit earlier (2031). China is significantly oversupplied, with 2030 production forecast to be 162% greater than domestic demand.",{"type":726,"attrs":2786},{"id":2543,"body":2787},[2788],{"id":2789,"_uid":2790,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"27317241","i-cd44be6c-507b-4184-b4af-6035f2913cc1","Welcome to your Quarterly Battery Snapshot, part of your Benchmark Source subscription. This snapshot outlines and charts the key trends across the cell, cathode and anode markets. The data and insights in this snapshot draw on Benchmark’s Q4 2025 forecasts. Demand trends Supply trends Market balances","briefing",[2794,2796,2797,2799,2800],{"slug":2795,"name":261},"anode",{"slug":1164,"name":1165},{"slug":2798,"name":298},"cathode",{"slug":1041,"name":8},{"slug":2801,"name":2802},"silicon-anode","Silicon Anode","quarterly","Jan 26, 2026",{"id":2806,"uuid":2807,"name":2808,"slug":2809,"full_slug":2810,"content":2811},186027698195988,"71b1ea88-1394-4253-a03a-98596aeaffa1","Benchmark Battery Minerals Snapshot: Q1 2026","benchmark-battery-minerals-snapshot-q1-2026","publications/briefings/battery-minerals-snapshots/benchmark-battery-minerals-snapshot-q1-2026",{"_uid":2812,"date":2813,"content":2814,"excerpt":3111,"component":2792,"categories":3112,"visibility":1168,"publication_frequency":2803,"formattedDate":3133},"ef898bd6-bb7b-4ee3-ad09-a0802edf0e1f","2026-05-01 00:00",{"type":585,"content":2815},[2816,2827,2832,2839,2847,2866,2893,2902,2911,2925,2930,2935,2953,2960,2967,2972,2990,3008,3041,3059,3076,3090,3097,3104],{"type":588,"attrs":2817,"content":2818},{"textAlign":49},[2819,2821,2825],{"text":2820,"type":593},"Welcome to the ",{"text":2822,"type":593,"marks":2823},"Benchmark Battery Minerals Snapshot",[2824],{"type":2523},{"text":2826,"type":593},". This briefing, part of your Benchmark Intelligence subscription, provides an overview of the key trends and dynamics that shaped battery raw material markets in the last quarter. The insights are drawn from Benchmark’s suite of battery raw material forecast reports.",{"type":660,"attrs":2828,"content":2829},{"level":2537,"textAlign":49},[2830],{"text":2831,"type":593},"Highlights",{"type":726,"attrs":2833},{"id":2834,"body":2835},"8dee7372-d0ea-4720-9313-704603fc336c",[2836],{"id":2837,"_uid":2838,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233015","i-63c8267a-f23a-46eb-9dd9-489d9e6d15f6",{"type":588,"attrs":2840,"content":2841},{"textAlign":49},[2842,2845],{"text":8,"type":593,"marks":2843},[2844],{"type":2523},{"text":2846,"type":593},": The market is forecast to be broadly balanced out to 2033, though with a slight deficit in 2026 of 32kt LCE. This is supporting near term price rises. However, in 2027, a slight surplus (albeit one that is effectively a balanced market) is expected to lead to a drop in prices. ",{"type":588,"attrs":2848,"content":2849},{"textAlign":49},[2850,2854,2856,2864],{"text":2851,"type":593,"marks":2852},"Cobalt:",[2853],{"type":2523},{"text":2855,"type":593}," The cobalt market is forecast to post a surplus of +61kt in 2025, as supply growth outpaces demand. However the DRC's ",{"text":2857,"type":593,"marks":2858},"cobalt export quotas",[2859],{"type":598,"attrs":2860},{"href":2861,"uuid":2862,"anchor":49,"target":2863,"linktype":1476},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730","_self",{"text":2865,"type":593}," introduced in October 2025 continue to impose a tightness on supply which kept cobalt prices high over the quarter. The continued increase in LFP's market share compared to NCM downgrades cobalt demand from the battery sector, though the EV market still accounts for 56% of battery-based cobalt demand in 2025.",{"type":588,"attrs":2867,"content":2868},{"textAlign":49},[2869,2873,2875,2882,2884,2891],{"text":2870,"type":593,"marks":2871},"Nickel: ",[2872],{"type":2523},{"text":2874,"type":593},"The nickel market is set to post a record 231kt surplus in 2025, marking the fourth consecutive year of oversupply. Indonesia, the largest nickel producer, suspended ",{"text":2876,"type":593,"marks":2877},"nickel smelter permits",[2878],{"type":598,"attrs":2879},{"href":2880,"uuid":2881,"anchor":49,"target":2863,"linktype":1476},"/article/indonesias-new-smelter-ban-targets-value-added-growth","6bd7aaab-55f0-4bf4-b404-905e228e4541",{"text":2883,"type":593}," and is using ",{"text":2885,"type":593,"marks":2886},"RKAB quotas",[2887],{"type":598,"attrs":2888},{"href":2889,"uuid":2890,"anchor":49,"target":2863,"linktype":1476},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"text":2892,"type":593}," to control output. The market surplus is anticipated to continue into the early 2030s without further intervention.",{"type":588,"attrs":2894,"content":2895},{"textAlign":49},[2896,2900],{"text":2897,"type":593,"marks":2898},"Natural graphite: ",[2899],{"type":2523},{"text":2901,"type":593},"Although the overall flake graphite market is in a surplus, the -100 mesh size suited for battery anode applications is in a deficit.",{"type":588,"attrs":2903,"content":2904},{"textAlign":49},[2905,2909],{"text":2906,"type":593,"marks":2907},"Synthetic graphite:",[2908],{"type":2523},{"text":2910,"type":593}," Synthetic graphite material is in a deficit based on end-use demand, though when compared to cell production the market is significantly tighter and more balanced. Needle coke (the feedstock for synthetic graphite) demand grew 15% in 2025 and is expected to grow another 15% in 2026.",{"type":588,"attrs":2912,"content":2913},{"textAlign":49},[2914,2918],{"text":2915,"type":593,"marks":2916},"For a price-focused outlook for 2026, read Benchmark's ",[2917],{"type":1465},{"text":2919,"type":593,"marks":2920},"2026 Outlook Whitepaper: A Turning Point for Critical Materials?",[2921,2924],{"type":598,"attrs":2922},{"href":2923,"uuid":49,"anchor":49,"target":2863,"linktype":601},"https://intelligence.benchmarkminerals.com/publications/special-issues/2026-outlook-whitepaper-a-turning-point-for-critical-materials",{"type":1465},{"type":660,"attrs":2926,"content":2927},{"level":2537,"textAlign":49},[2928],{"text":2929,"type":593},"Demand Overview",{"type":588,"attrs":2931,"content":2932},{"textAlign":49},[2933],{"text":2934,"type":593},"Battery demand in 2026 is forecast to reach 2.2TWh, a 21% y-o-y increased compared to 2025. BESS demand is the fastest growing market at 54% growth year-on-year, though EVs remain the largest demand market.",{"type":588,"attrs":2936,"content":2937},{"textAlign":49},[2938,2942,2949],{"text":2939,"type":593,"marks":2940},"Read the ",[2941],{"type":1465},{"text":2943,"type":593,"marks":2944},"Battery Snapshot Briefing",[2945,2948],{"type":598,"attrs":2946},{"href":2947,"uuid":2505,"anchor":49,"target":2863,"linktype":1476},"/publications/briefings/battery-snapshots/battery-snapshot-q4-2025",{"type":1465},{"text":2950,"type":593,"marks":2951}," for a more detailed  overview of battery, cathode, and anode trends over the last quarter.",[2952],{"type":1465},{"type":726,"attrs":2954},{"id":2955,"body":2956},"ae7dd51c-f548-42c9-bf58-118a09756323",[2957],{"id":2958,"_uid":2959,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233026","i-173e450f-4256-445c-bea3-1120e346a647",{"type":726,"attrs":2961},{"id":2962,"body":2963},"f9a9d512-0e1a-40f8-840d-0e01a4cd84b2",[2964],{"id":2965,"_uid":2966,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233024","i-8703e94d-0ef9-4984-8738-dc9c94411524",{"type":660,"attrs":2968,"content":2969},{"level":2537,"textAlign":49},[2970],{"text":2971,"type":593},"Supply Overview",{"type":588,"attrs":2973,"content":2974},{"textAlign":49},[2975,2979,2981,2988],{"text":2976,"type":593,"marks":2977},"Lithium: ",[2978],{"type":2523},{"text":2980,"type":593},"Global mined lithium supply is projected to grow 260kt (+15%) between 2025 and 2026, with this rising to 270kt LCE if recycling is included. ",{"text":2982,"type":593,"marks":2983},"Africa",[2984],{"type":598,"attrs":2985},{"href":2986,"uuid":2987,"anchor":49,"target":2863,"linktype":1476},"/article/africa-sees-largest-lithium-supply-growth-of-any-region-in-2025","d23cb2d3-7543-4bd4-b9a8-4bd5592bad0a",{"text":2989,"type":593}," is expected to be the largest contributor to this, adding 107kt, followed by Australia adding 75kt. China's mined additions will be just over 50kt. The largest output increase for an individual mine is forecast to be Greenbushes in Australia. China's dominance in lithium chemical production is set to drop from 66% in 2026 to 39% by 2035.",{"type":588,"attrs":2991,"content":2992},{"textAlign":49},[2993,2997,2999,3006],{"text":2994,"type":593,"marks":2995},"Cobalt: ",[2996],{"type":2523},{"text":2998,"type":593},"Mined cobalt output in the DRC is forecast to fall significantly in 2026 due to the ",{"text":3000,"type":593,"marks":3001},"export quotas",[3002],{"type":598,"attrs":3003},{"href":3004,"uuid":3005,"anchor":49,"target":2863,"linktype":1476},"/videos/beyond-the-ban-unpacking-the-drcs-cobalt-export-suspension-decision","071fbb42-04e6-4a3f-aa90-61e2b1422e2f",{"text":3007,"type":593}," and market uncertainty. However, Indonesia is expected to post a 4.4kt increase, supporting buyers who are seeking alternative sources. After a dip in mined cobalt output in 2025 and 2026, Benchmark is forecasting an increase in supply from 2027. Indonesia is set to double its market share to 29% by 2030.",{"type":588,"attrs":3009,"content":3010},{"textAlign":49},[3011,3015,3017,3024,3026,3030,3037],{"text":3012,"type":593,"marks":3013},"Nickel:",[3014],{"type":2523},{"text":3016,"type":593}," Refined nickel supply is forecast to rise 4.5% year-on-year in 2025, reaching about 3.7Mt, with nearly all growth driven by Indonesia. Outside of Indonesia, gains will be modest, with Australian production posting a drop as IGO advances with the closure of its Nova mine. ",{"text":3018,"type":593,"marks":3019},"MHP",[3020],{"type":598,"attrs":3021},{"href":3022,"uuid":3023,"anchor":49,"target":2863,"linktype":1476},"/article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","df46a979-2900-4413-b22f-156697f65198",{"text":3025,"type":593}," is the primary growth product, supported by an increase in HPAL operations. ",{"text":3027,"type":593,"marks":3028},"Read Benchmark's Special Issue \"",[3029],{"type":1465},{"text":3031,"type":593,"marks":3032},"Nickel Margins Shrink as Indonesia Sets the Cost Floor",[3033,3036],{"type":598,"attrs":3034},{"href":3035,"uuid":49,"anchor":49,"target":2863,"linktype":601},"https://intelligence.benchmarkminerals.com/publications/special-issues/nickel-margins-shrink-as-indonesia-sets-the-cost-floor",{"type":1465},{"text":3038,"type":593,"marks":3039},"\".",[3040],{"type":1465},{"type":588,"attrs":3042,"content":3043},{"textAlign":49},[3044,3048,3050,3057],{"text":3045,"type":593,"marks":3046},"Natural Graphite:",[3047],{"type":2523},{"text":3049,"type":593}," Flake graphite supply is forecast to grow by around 2.6% in 2025, bolstered by ",{"text":3051,"type":593,"marks":3052},"strong growth in Africa",[3053],{"type":598,"attrs":3054},{"href":3055,"uuid":3056,"anchor":49,"target":2863,"linktype":1476},"/article/site-visit-permanent-minerals-highlights-africas-growing-flake-graphite-role","fd8d9fa2-3a92-4168-973e-760f72a44ef2",{"text":3058,"type":593}," which offsets the declining production in China and the rest of the world. Whilst China has dominated the flake graphite supply (72% in 2025), this is forecast to fall to 47% by 2035, with Africa growing to 39%.",{"type":588,"attrs":3060,"content":3061},{"textAlign":49},[3062,3065,3067,3074],{"text":2906,"type":593,"marks":3063},[3064],{"type":2523},{"text":3066,"type":593}," Supply of ",{"text":3068,"type":593,"marks":3069},"synthetic graphite anode material",[3070],{"type":598,"attrs":3071},{"href":3072,"uuid":3073,"anchor":49,"target":2863,"linktype":1476},"/videos/synthetic-graphites-price-power-is-cost-led-dominance-here-to-stay","9aa645e0-8c14-4dd6-9b48-14c41d1d6fbe",{"text":3075,"type":593}," is set to grow 36% in 2025 and another 17% in 2026. Production remains dominated by China. Whilst oil-based needle coke supply is set to drive the market in the near term, coal-based materials are anticipated to become the dominant growth market in the 2030s. China's dominance in needle coke production is expected to grow from 69% market share in 2025 to 77% by 2035.",{"type":588,"attrs":3077,"content":3078},{"textAlign":49},[3079,3083],{"text":3080,"type":593,"marks":3081},"For an overview of the key developments across the full mine-to-grid supply chain in 2025, read Benchmark's ",[3082],{"type":1465},{"text":3084,"type":593,"marks":3085},"Mine to Grid: 2025 Year in Review.",[3086,3089],{"type":598,"attrs":3087},{"href":3088,"uuid":49,"anchor":49,"target":2863,"linktype":601},"https://intelligence.benchmarkminerals.com/publications/special-issues/mine-to-grid-2025-year-in-review",{"type":1465},{"type":726,"attrs":3091},{"id":3092,"body":3093},"460e993a-79c9-4fa1-ace6-d6c4e2fac716",[3094],{"id":3095,"_uid":3096,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233023","i-19fa6e70-a0c6-41d0-a02e-6f17dd018654",{"type":726,"attrs":3098},{"id":3099,"body":3100},"a89ed7b4-b92e-4cae-9bbb-21d7c045e141",[3101],{"id":3102,"_uid":3103,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233018","i-e8fce755-4b63-421a-bb30-0828d738850b",{"type":726,"attrs":3105},{"id":3106,"body":3107},"fdcacd79-f9f2-40ba-a018-cc8f18097df7",[3108],{"id":3109,"_uid":3110,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29233020","i-cf3c12e9-9a2f-496a-ba03-c8118ac9bab0","Welcome to the Benchmark Battery Minerals Snapshot. This briefing, part of your Benchmark Intelligence subscription, provides an overview of the key trends and dynamics that shaped battery raw material markets in the last quarter. The insights are drawn from Benchmark’s suite of battery raw material forecast reports.",[3113,3114,3115,3116,3117,3118,3121,3123,3124,3127,3130],{"slug":2795,"name":261},{"slug":2798,"name":298},{"slug":1770,"name":115},{"slug":768,"name":769},{"slug":1041,"name":8},{"slug":3119,"name":3120},"manganese","Manganese",{"slug":3122,"name":189},"natural-graphite",{"slug":1043,"name":150},{"slug":3125,"name":3126},"phosphate","Phosphate",{"slug":3128,"name":3129},"graphite","Graphite",{"slug":3131,"name":3132},"synthetic-graphite","Synthetic Graphite","May 01, 2026",{"id":3135,"uuid":3136,"name":3137,"slug":3138,"full_slug":3139,"content":3140},185209837684109,"eb8c6405-6ddf-4b4c-ac3b-2e06ced3278f","Benchmark China Briefing: June 2026","benchmark-china-briefing-june-2026","publications/briefings/china-briefings/benchmark-china-briefing-june-2026",{"_uid":3141,"date":3142,"content":3143,"excerpt":3281,"component":2792,"categories":3282,"visibility":1168,"publication_frequency":188,"formattedDate":3298},"6b354c5d-0332-4e3a-b369-7b6ef9dc814e","2026-06-08 00:00",{"type":585,"content":3144},[3145,3155,3167,3182,3187,3196,3210,3224,3231,3244,3250,3259,3265,3272],{"type":588,"attrs":3146,"content":3147},{"textAlign":49},[3148,3149,3153],{"text":2820,"type":593},{"text":3150,"type":593,"marks":3151},"Benchmark China Briefing",[3152],{"type":2523},{"text":3154,"type":593},". This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China.",{"type":588,"attrs":3156,"content":3157},{"textAlign":49},[3158,3160,3166],{"text":3159,"type":593},"The insights are drawn from Benchmark’s suite of upstream, midstream, and downstream reports and assessments, providing a holistic view of China’s lithium-ion battery and electric vehicle (EV) supply chains. To learn more, click ",{"text":3161,"type":593,"marks":3162},"here",[3163],{"type":598,"attrs":3164},{"href":3165,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/forecasts",{"text":611,"type":593},{"type":588,"attrs":3168,"content":3169},{"textAlign":49},[3170,3172,3180],{"text":3171,"type":593},"You can also read our recent ",{"text":3173,"type":593,"marks":3174},"Regional Spotlight",[3175],{"type":598,"attrs":3176},{"href":3177,"uuid":3178,"anchor":49,"target":3179,"linktype":1476},"/article/regional-spotlight-china","746036af-b9fc-4d0d-b721-56d0d1094635","_blank",{"text":3181,"type":593},", featuring visualisations of China's mine-to-grid supply chain and an overview of the country's recent policy changes.",{"type":660,"attrs":3183,"content":3184},{"level":2537,"textAlign":49},[3185],{"text":3186,"type":593},"Battery & EV Roundup",{"type":588,"attrs":3188,"content":3189},{"textAlign":49},[3190],{"text":3191,"type":593,"marks":3192},"Sales of EVs in China in April were broadly steady compared with those in March. The 613,762 figure for BEVs was close to the 615,601 registered for the same month in 2025, while PHEV sales saw a small decline in April compared with March, when there was a large spike from February. ",[3193],{"type":1200,"attrs":3194},{"color":3195},"black",{"type":588,"attrs":3197,"content":3198},{"textAlign":49},[3199,3201,3208],{"text":3200,"type":593},"China’s overall EV market is ",{"text":3202,"type":593,"marks":3203},"down 17% year-to-date",[3204],{"type":598,"attrs":3205},{"href":3206,"uuid":3207,"anchor":49,"target":3179,"linktype":1476},"/article/global-ev-sales-reached-1-60-million-units-in-april-2026","7b51be3e-c55e-4a7f-b883-41de91b7447e",{"text":3209,"type":593},". Much of this decline has been concentrated in the smaller vehicle segment, which has been disproportionately affected by subsidy adjustments introduced at the start of the year, reducing the attractiveness of these models.",{"type":588,"attrs":3211,"content":3212},{"textAlign":49},[3213,3215,3222],{"text":3214,"type":593},"As domestic growth slows, ",{"text":3216,"type":593,"marks":3217},"EV exports from China have surged",[3218],{"type":598,"attrs":3219},{"href":3220,"uuid":3221,"anchor":49,"target":3179,"linktype":1476},"/article/china-made-evs-boost-in-europe-in-march-amid-higher-fuel-prices","399b5622-66a9-43cc-b288-ca777d47a6cc",{"text":3223,"type":593},". In April 2026 alone, exports exceeded 400,000 units. Over the first four months of 2026, China exported nearly 1.4 million EVs, more than double the volume recorded during the same period in 2025. Consequently, markets such as Europe, South America, and Southeast Asia have seen a significant increase in sales of EVs produced in China.",{"type":726,"attrs":3225},{"id":3226,"body":3227},"858cf747-2f46-4c0c-96f1-a65479ccf034",[3228],{"id":3229,"_uid":3230,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29262678","i-cd5547f5-c322-492c-abca-b515cafc2244",{"type":588,"attrs":3232,"content":3233},{"textAlign":49},[3234,3236,3243],{"text":3235,"type":593},"Chinese battery demand remained at a similar level in April as in March, with a 2.16GWh increase in demand for passenger vehicle applications and a 1.67GWh dip in battery storage-related demand despite strong recent indications for BESS beyond China, ",{"text":3237,"type":593,"marks":3238},"particularly in Europe",[3239],{"type":598,"attrs":3240},{"href":3241,"uuid":3242,"anchor":49,"target":3179,"linktype":1476},"/article/europe-has-record-quarter-for-energy-storage","acf89f40-3be3-4aef-8011-2f0d5bce1a88",{"text":611,"type":593},{"type":726,"attrs":3245},{"id":3226,"body":3246},[3247],{"id":3248,"_uid":3249,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29262688","i-54311456-d308-4b6d-a7f6-3e435118c223",{"type":588,"attrs":3251,"content":3252},{"textAlign":49},[3253],{"text":3254,"type":593,"marks":3255},"China’s lithium-ion battery (LFP and NCM/NCA) production saw a smaller uptick in April than March, with LFP growing 4% compared with 28% in March, after a dip in February. April also saw largely steady NCM/NCA production, which grew 0.3GWh.",[3256],{"type":1200,"attrs":3257},{"color":3258},"#000000",{"type":726,"attrs":3260},{"id":3226,"body":3261},[3262],{"id":3263,"_uid":3264,"type":1476,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3700913","i-42c2b7c2-8369-45c8-823b-1096e5c20cfe",{"type":660,"attrs":3266,"content":3267},{"level":2537,"textAlign":49},[3268],{"text":3269,"type":593,"marks":3270},"China: EV battery supply chain trade dynamics",[3271],{"type":2523},{"type":726,"attrs":3273},{"id":3226,"body":3274},[3275,3278],{"id":3276,"_uid":3277,"type":1476,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3700916","i-097462f6-6c56-4fb7-bdd8-cbc4f8cf7886",{"id":3279,"_uid":3280,"type":1476,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3700942","i-78e9cf1e-999b-4078-9c60-a9c61b1e24e3","Welcome to the Benchmark China Briefing. This briefing, part of the Benchmark Source subscription, provides a monthly deep-dive on key developments in China. The insights are drawn from Benchmark’s suite of upstream, midstream, and downstream reports and assessments, providing a holistic view of China's lithium-ion battery and electric vehicle (EV) supply chains.",[3283,3284,3285,3286,3287,3288,3289,3290,3291,3292,3293,3294,3297],{"slug":1164,"name":1165},{"slug":1497,"name":1498},{"slug":1494,"name":1495},{"slug":768,"name":769},{"slug":1770,"name":115},{"slug":2798,"name":298},{"slug":1041,"name":8},{"slug":3128,"name":3129},{"slug":3122,"name":189},{"slug":3119,"name":3120},{"slug":1043,"name":150},{"slug":3295,"name":3296},"new-energy","New Energy",{"slug":3131,"name":3132},"Jun 08, 2026",{"id":3300,"uuid":3301,"name":3302,"slug":3303,"full_slug":3304,"content":3305},188502293903791,"6b32afd6-809c-4c2f-a538-4683c895cc79","Energy Indicators Monthly - June 2026","energy-indicators-monthly-june-2026","publications/briefings/energy-indicators/energy-indicators-monthly-june-2026",{"_uid":3306,"date":3307,"content":3308,"excerpt":3414,"component":2792,"categories":3415,"visibility":1168,"publication_frequency":188,"formattedDate":3421},"07ea97dd-f122-428e-8b9b-3b3daf5c3aeb","2026-06-17 00:00",{"type":585,"content":3309},[3310,3315,3319,3333,3346,3356,3361,3399],{"type":588,"attrs":3311,"content":3312},{"textAlign":49},[3313],{"text":3314,"type":593},"This report offers energy indicators for major global economies, designed to enhance understanding of the energy transition and to complement Benchmark’s data.",{"type":660,"attrs":3316,"content":3317},{"level":2537,"textAlign":49},[3318],{"text":2831,"type":593},{"type":588,"attrs":3320,"content":3321},{"textAlign":49},[3322,3324,3331],{"text":3323,"type":593},"The US peace deal with Iran announced on 15 June sent oil prices tumbling, with Brent crude dipping below the $80 mark for the first time since March the following day. The easing of a US naval blockade and reports of Iranian oil being shipped through ",{"text":3325,"type":593,"marks":3326},"the Strait of Hormuz",[3327],{"type":598,"attrs":3328},{"href":3329,"uuid":3330,"anchor":49,"target":3179,"linktype":1476},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"text":3332,"type":593}," have driven it down, and the International Energy Agency (IEA) is now predicting an oil supply surplus in 2027 as a result of long-term resumption in shipping through the waterway. The organisation also expects global oil demand to drop by 1.1 million barrels per day before recovering next year on falling prices.",{"type":588,"attrs":3334,"content":3335},{"textAlign":49},[3336,3338,3344],{"text":3337,"type":593},"In renewables, Portugal's government has announced plans to create new areas where renewable energy development can be fast-tracked, boosting a sector that already provided 80% of the country's electricity consumption in Q1 2026. Electricity prices in both Portugal and Spain were among the lowest in Europe in the first part of the year, as recent buildout of renewables capacity in both countries shielded it from a spike in fossil fuel prices since the beginning of ",{"text":3339,"type":593,"marks":3340},"the Iran war",[3341],{"type":598,"attrs":3342},{"href":3343,"uuid":49,"anchor":49,"target":3179,"linktype":601},"https://intelligence.benchmarkminerals.com/publications/special-issues/the-sulphuric-acid-supply-squeeze-and-its-impact-on-critical-minerals-1",{"text":3345,"type":593},".     ",{"type":726,"attrs":3347},{"id":3348,"body":3349},"d200c24a-eb31-4c5f-8e42-e875db73a1e2",[3350,3353],{"id":3351,"_uid":3352,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382294","i-1f861b0d-cc1f-4815-be16-7d8b9148c98c",{"id":3354,"_uid":3355,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382313","i-0523a15c-5ce6-4dc6-8d21-efe4494357e0",{"type":660,"attrs":3357,"content":3358},{"level":2537,"textAlign":49},[3359],{"text":3360,"type":593},"Energy in the news this month",{"type":2549,"content":3362},[3363,3378,3385,3392],{"type":2552,"content":3364},[3365],{"type":588,"attrs":3366,"content":3367},{"textAlign":49},[3368,3370,3376],{"text":3369,"type":593},"The US allowed a waiver of sanctions on Russian oil, initially introduced to mitigate heightened energy prices amid the Iran war, to lapse without renewal, with ",{"text":3371,"type":593,"marks":3372},"President Donald Trump",[3373],{"type":598,"attrs":3374},{"href":3375,"uuid":49,"anchor":49,"target":3179,"linktype":601},"https://intelligence.benchmarkminerals.com/publications/special-issues/trump-one-year-in-review",{"text":3377,"type":593}," indicating the waiver may not be reintroduced following the deal to end the war",{"type":2552,"content":3379},[3380],{"type":588,"attrs":3381,"content":3382},{"textAlign":49},[3383],{"text":3384,"type":593},"Russian oil output fell 10% short of government targets in May due to Ukrainian strikes on Russia's energy infrastructure, down 5% year-on-year",{"type":2552,"content":3386},[3387],{"type":588,"attrs":3388,"content":3389},{"textAlign":49},[3390],{"text":3391,"type":593},"EU proposals for the spending of member nation income on cross-border energy infrastructure after Sweden threatened restrictions of its electricity exports in protest at the plans",{"type":2552,"content":3393},[3394],{"type":588,"attrs":3395,"content":3396},{"textAlign":49},[3397],{"text":3398,"type":593},"Brazil's government said it would end diesel and gasoline subsidies should crude prices remain steady around the $80 per barrel mark",{"type":726,"attrs":3400},{"id":3348,"body":3401},[3402,3405,3408,3411],{"id":3403,"_uid":3404,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410060","i-195f3256-c4d0-4254-a095-479c24016ede",{"id":3406,"_uid":3407,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382300","i-d8fa1b7b-dcac-423e-813e-4b4f193c5357",{"id":3409,"_uid":3410,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382311","i-873e3ed5-4a03-4590-bbc8-fafe191e6be3",{"id":3412,"_uid":3413,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29382305","i-2f8f0d43-fa43-4c40-b0fc-14a4b465c3ed","Brent crude prices remain elevated this month, as US President Donald Trump’s visit to China appears not to have produced a breakthrough on an end to the Iran war and a relaxation of tensions in the Strait of Hormuz. US oil exports rose to their highest ever level as European and Asian demand grew as a result of the squeeze on Middle Eastern supply.",[3416,3419,3420],{"slug":3417,"name":3418},"geopolitics","Geopolitics",{"slug":544,"name":543},{"slug":3295,"name":3296},"Jun 17, 2026",{"id":3423,"uuid":3424,"name":3425,"slug":3426,"full_slug":3427,"content":3428},181713710477510,"f849429a-6a3e-40ee-a258-7365d11f19d7","Energy Transition Capital - May 2026","energy-transition-capital-may-2026","publications/briefings/energy-transition-capitals/energy-transition-capital-may-2026",{"_uid":3429,"date":3430,"content":3431,"excerpt":4194,"component":2792,"categories":4195,"visibility":1168,"publication_frequency":188,"formattedDate":4225},"322e1cef-ea61-4ce9-b2ed-6dac4192571d","2026-05-29 00:00",{"type":585,"content":3432},[3433,3444,3457,3461,3530,3582,3589,3595,3601,3608,3614,3650,3686,3695,3709,3715,3720,3726,3832,3871,3876,4013,4021,4027,4035,4086,4099,4104,4112],{"type":588,"attrs":3434,"content":3435},{"textAlign":49},[3436,3438,3442],{"text":3437,"type":593},"Welcome to",{"text":3439,"type":593,"marks":3440}," Energy Transition Capital Monthly",[3441],{"type":2523},{"text":3443,"type":593},", part of your Benchmark Intelligence subscription. This report tracks companies related to the energy transition going public through IPOs or mergers via SPACs, as well as company share prices and broader industry trends through indices and funding data. It provides a comprehensive overview of the past month’s listings and announcements.",{"type":588,"attrs":3445,"content":3446},{"textAlign":49},[3447,3449,3456],{"text":3448,"type":593},"To access this report’s accompanying funding and IPO database, ",{"text":3450,"type":593,"marks":3451},"click here",[3452,3455],{"type":598,"attrs":3453},{"href":3454,"uuid":49,"anchor":49,"target":3179,"linktype":778},"https://a.storyblok.com/f/287943243085208/x/1ca7f29a05/benchmark-etc-funding-data-may-2026.xlsx",{"type":1213},{"text":611,"type":593},{"type":660,"attrs":3458,"content":3459},{"level":2537,"textAlign":49},[3460],{"text":2831,"type":593},{"type":588,"attrs":3462,"content":3463},{"textAlign":49},[3464,3469,3478,3483,3489,3494,3503,3508,3514,3519,3525],{"text":3465,"type":593,"marks":3466},"A significant milestone for European ",[3467],{"type":1200,"attrs":3468},{"color":3195},{"text":3470,"type":593,"marks":3471},"lithium production",[3472,3476],{"type":598,"attrs":3473},{"href":3474,"uuid":3475,"anchor":49,"target":3179,"linktype":1476},"/article/why-are-lithium-prices-expected-to-decline-in-2027-","03f0f24b-0a8e-4114-bc7f-28fcad4b081f",{"type":1200,"attrs":3477},{"color":3195},{"text":3479,"type":593,"marks":3480}," this month, as ",[3481],{"type":1200,"attrs":3482},{"color":3195},{"text":3484,"type":593,"marks":3485},"Vulcan Energy Resources ",[3486,3488],{"type":1200,"attrs":3487},{"color":3195},{"type":2523},{"text":3490,"type":593,"marks":3491},"closed $2.2 billion in project funding for a lithium brine field and renewable energy project in Germany's Upper Rhine Valley. European and German government agencies were among the backers. 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",[3927],{"type":1200,"attrs":3928},{"color":3195},{"text":3930,"type":593,"marks":3931},"FH Capital",[3932,3934],{"type":1200,"attrs":3933},{"color":3195},{"type":2523},{"text":3936,"type":593,"marks":3937}," is to acquire a 75.1% stake in Chinese solar and energy storage firm ",[3938],{"type":1200,"attrs":3939},{"color":3195},{"text":3941,"type":593,"marks":3942},"Jinko Solar",[3943,3945],{"type":1200,"attrs":3944},{"color":3195},{"type":2523},{"text":3947,"type":593,"marks":3948},"'s US manufacturing operations.",[3949],{"type":1200,"attrs":3950},{"color":3195},{"type":2552,"content":3952},[3953],{"type":588,"attrs":3954,"content":3955},{"textAlign":3688},[3956,3960,3962,3966],{"text":3957,"type":593,"marks":3958},"Zhejiang Huayou Cobalt ",[3959],{"type":2523},{"text":3961,"type":593},"is to acquire all of ",{"text":3963,"type":593,"marks":3964},"Atlantic Lithium",[3965],{"type":2523},{"text":3967,"type":593},"'s shares in a fully cash-funded transaction worth ~$210 million.",{"type":2552,"content":3969},[3970],{"type":588,"attrs":3971,"content":3972},{"textAlign":3688},[3973,3975,3979,3981,3985,3987,3991],{"text":3974,"type":593},"The electric spin-off of ",{"text":3976,"type":593,"marks":3977},"Harley Davidson",[3978],{"type":2523},{"text":3980,"type":593},", ",{"text":3982,"type":593,"marks":3983},"LiveWire Group",[3984],{"type":2523},{"text":3986,"type":593},", bought US electric motorcycle firm ",{"text":3988,"type":593,"marks":3989},"Dust Moto",[3990],{"type":2523},{"text":611,"type":593},{"type":2552,"content":3993},[3994],{"type":588,"attrs":3995,"content":3996},{"textAlign":3688},[3997,4001,4003,4007,4009],{"text":3998,"type":593,"marks":3999},"Nextpower ",[4000],{"type":2523},{"text":4002,"type":593},"acquired ",{"text":4004,"type":593,"marks":4005},"Zigor Corporation's ",[4006],{"type":2523},{"text":4008,"type":593},"power conversion product portfolio and its US subsidiary, ",{"text":4010,"type":593,"marks":4011},"Apex Power",[4012],{"type":2523},{"type":660,"attrs":4014,"content":4015},{"level":2537,"textAlign":49},[4016],{"text":4017,"type":593,"marks":4018},"2025/26 performance of energy transition IPO market",[4019],{"type":1200,"attrs":4020},{"color":3195},{"type":726,"attrs":4022},{"id":3603,"body":4023},[4024],{"id":4025,"_uid":4026,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28849422","i-aeafcbd9-a9f7-48b5-8547-156aad074582",{"type":660,"attrs":4028,"content":4029},{"level":2537,"textAlign":3688},[4030],{"text":4031,"type":593,"marks":4032},"Market listings and updates",[4033],{"type":1200,"attrs":4034},{"color":3195},{"type":588,"attrs":4036,"content":4037},{"textAlign":3688},[4038,4043,4049,4054,4059,4064,4070,4075,4081],{"text":4039,"type":593,"marks":4040},"In May, we tracked IPOs across US, Hong Kong and Australian exchanges. These included drone developer ",[4041],{"type":1200,"attrs":4042},{"color":3195},{"text":4044,"type":593,"marks":4045},"Exyn",[4046,4048],{"type":1200,"attrs":4047},{"color":3195},{"type":2523},{"text":4050,"type":593,"marks":4051},", which develops autonomous drone systems for GPS-denied environments, as well as a major offering from geothermal energy developer ",[4052],{"type":1200,"attrs":4053},{"color":3195},{"text":3539,"type":593,"marks":4055},[4056,4058],{"type":1200,"attrs":4057},{"color":3195},{"type":2523},{"text":4060,"type":593,"marks":4061},", which raised over $1.89 billion. On the Hong Kong Stock Exchange, robotics firm ",[4062],{"type":1200,"attrs":4063},{"color":3195},{"text":4065,"type":593,"marks":4066},"Robotphoenix ",[4067,4069],{"type":1200,"attrs":4068},{"color":3195},{"type":2523},{"text":4071,"type":593,"marks":4072},"raised $96 million and autonomous vehicle developer ",[4073],{"type":1200,"attrs":4074},{"color":3195},{"text":4076,"type":593,"marks":4077},"UISEE Technologies ",[4078,4080],{"type":1200,"attrs":4079},{"color":3195},{"type":2523},{"text":4082,"type":593,"marks":4083},"raised over $111 million.",[4084],{"type":1200,"attrs":4085},{"color":3195},{"type":660,"attrs":4087,"content":4088},{"level":2537,"textAlign":3688},[4089,4094],{"type":634,"attrs":4090},{"id":4091,"alt":551,"src":4092,"title":551,"source":551,"copyright":551,"meta_data":4093},181774488263945,"https://a.storyblok.com/f/287943243085208/645x669/7e2aced98e/screenshot-2026-05-29-162137.png",{},{"type":634,"attrs":4095},{"id":4096,"alt":551,"src":4097,"title":551,"source":551,"copyright":551,"meta_data":4098},182785744727348,"https://a.storyblok.com/f/287943243085208/649x675/47d965f3c7/screenshot-2026-06-01-125658.png",{},{"type":660,"attrs":4100,"content":4101},{"level":2537,"textAlign":3688},[4102],{"text":4103,"type":593},"Announcements",{"type":588,"attrs":4105,"content":4106},{"textAlign":3688},[4107],{"text":4108,"type":593,"marks":4109},"Throughout May, several energy transition and critical mineral companies progressed or announced plans to list across US exchanges.",[4110],{"type":1200,"attrs":4111},{"color":3195},{"type":2549,"content":4113},[4114,4130,4173],{"type":2552,"content":4115},[4116],{"type":588,"attrs":4117,"content":4118},{"textAlign":3688},[4119,4125],{"text":4120,"type":593,"marks":4121},"ProLogium",[4122,4124],{"type":1200,"attrs":4123},{"color":3195},{"type":2523},{"text":4126,"type":593,"marks":4127},", a Taiwanese battery maker, announced it is to go public via a SPAC merger later this year, listing on the New York Stock Exchange in a bid to fund a new gigafactory in France",[4128],{"type":1200,"attrs":4129},{"color":3195},{"type":2552,"content":4131},[4132],{"type":588,"attrs":4133,"content":4134},{"textAlign":3688},[4135,4140,4145,4151,4156,4162,4167],{"text":3851,"type":593,"marks":4136},[4137,4139],{"type":1200,"attrs":4138},{"color":3195},{"type":2523},{"text":4141,"type":593,"marks":4142},"Developer of energy infrastructure for data centres ",[4143],{"type":1200,"attrs":4144},{"color":3195},{"text":4146,"type":593,"marks":4147},"SB Energy",[4148,4150],{"type":1200,"attrs":4149},{"color":3195},{"type":2523},{"text":4152,"type":593,"marks":4153},", a subsidiary of ",[4154],{"type":1200,"attrs":4155},{"color":3195},{"text":4157,"type":593,"marks":4158},"SoftBank",[4159,4161],{"type":1200,"attrs":4160},{"color":3195},{"type":2523},{"text":4163,"type":593,"marks":4164},", confidentially filed for an IPO, while SoftBank is also exploring an offering for tis autonomous robotics spin-off ",[4165],{"type":1200,"attrs":4166},{"color":3195},{"text":4168,"type":593,"marks":4169},"Roze",[4170,4172],{"type":1200,"attrs":4171},{"color":3195},{"type":2523},{"type":2552,"content":4174},[4175],{"type":588,"attrs":4176,"content":4177},{"textAlign":3688},[4178,4183,4189],{"text":4179,"type":593,"marks":4180},"France-headquartered nuclear firm ",[4181],{"type":1200,"attrs":4182},{"color":3195},{"text":4184,"type":593,"marks":4185},"Newcleo ",[4186,4188],{"type":1200,"attrs":4187},{"color":3195},{"type":2523},{"text":4190,"type":593,"marks":4191},"is to list on the Nasdaq via a SPAC merger, it has announced, as it moves forward with plans to work with the US Department of Energy",[4192],{"type":1200,"attrs":4193},{"color":3195},"Welcome to Energy Transition Capital Monthly , part of your Benchmark Intelligence subscription. This report tracks companies related to the energy transition going public through IPOs or mergers via SPACs, as well as company share prices and broader industry trends through indices and funding data. It provides a comprehensive overview of the past month’s listings and announcements.\n",[4196,4197,4198,4199,4200,4201,4202,4205,4206,4207,4208,4211,4212,4213,4214,4215,4216,4217,4218,4219,4220,4221,4222,4223,4224],{"slug":2795,"name":261},{"slug":1164,"name":1165},{"slug":1490,"name":1491},{"slug":797,"name":373},{"slug":2798,"name":298},{"slug":1770,"name":115},{"slug":4203,"name":4204},"copper","Copper",{"slug":768,"name":769},{"slug":1494,"name":1495},{"slug":1497,"name":1498},{"slug":4209,"name":4210},"fluorspar","Fluorspar",{"slug":3417,"name":3418},{"slug":1500,"name":1501},{"slug":3128,"name":3129},{"slug":1041,"name":8},{"slug":3119,"name":3120},{"slug":3122,"name":189},{"slug":3295,"name":3296},{"slug":1043,"name":150},{"slug":3125,"name":3126},{"slug":771,"name":414},{"slug":773,"name":774},{"slug":2801,"name":2802},{"slug":544,"name":543},{"slug":3131,"name":3132},"May 29, 2026",{"id":4227,"uuid":4228,"name":4229,"slug":4230,"full_slug":4231,"content":4232},121614699371805,"b185f98f-d288-44d3-8fd0-1210abde5581","Energy Transition Profitability Heatmap","energy-transition-profitability-heatmap-2","publications/briefings/profitability-heatmaps/energy-transition-profitability-heatmap-2",{"_uid":4233,"date":4234,"content":4235,"excerpt":4241,"component":2792,"categories":4249,"visibility":1168,"publication_frequency":2803,"formattedDate":4253},"a7f36ba6-22ee-4b92-bbec-59218f99bb53","2026-05-12 00:00",{"type":585,"content":4236},[4237,4242],{"type":588,"attrs":4238,"content":4239},{"textAlign":49},[4240],{"text":4241,"type":593},"Welcome to Benchmark’s “Energy Transition Profitability Heatmap”. This heatmap evaluates the operating margin of listed companies across the EV & Battery supply chain. By focusing on operating margin, it provides a clear lens into the core performance of businesses.",{"type":726,"attrs":4243},{"id":4244,"body":4245},"e98064fc-7d19-466f-b46a-6695cdf0e6b3",[4246],{"id":4247,"_uid":4248,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28942913","i-db8b7627-f3aa-408e-b4cf-2eb23d4d3e16",[4250,4251,4252],{"slug":1164,"name":1165},{"slug":768,"name":769},{"slug":3295,"name":3296},"May 12, 2026",{"id":4255,"uuid":4256,"name":4257,"slug":4258,"full_slug":4259,"content":4260},175704397724269,"5148691a-a5a2-457d-be6e-d08015a0b327","EV Automakers League Table Q1 2026","ev-automakers-league-table-q1-2026","publications/briefings/automaker-league-tables/ev-automakers-league-table-q1-2026",{"_uid":4261,"date":4234,"content":4262,"excerpt":4282,"component":2792,"categories":4283,"visibility":1168,"publication_frequency":2803,"formattedDate":4253},"513e3eff-5266-4533-8bc1-4cfbb6491b30",{"type":585,"content":4263},[4264,4269,4276],{"type":588,"attrs":4265,"content":4266},{"textAlign":49},[4267],{"text":4268,"type":593},"This briefing tracks EV unit retail sales of the top 20 EV automakers separating sales between China and the ROW. It is updated on a quarterly basis. ",{"type":726,"attrs":4270},{"id":4271,"body":4272},"d4eb8e2a-1c92-4317-82da-f2dee43aec9c",[4273],{"id":4274,"_uid":4275,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28934581","i-a48a952a-1192-464a-9bf5-a413e1b2dee0",{"type":726,"attrs":4277},{"id":4271,"body":4278},[4279],{"id":4280,"_uid":4281,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"28924075","i-e0a4961a-3733-48e3-be77-acb8a3db95de","This briefing tracks EV unit retail sales of the top 20 EV automakers separating sales between China and the ROW. It is updated on a quarterly basis.",[4284,4285],{"slug":1497,"name":1498},{"slug":1164,"name":1165},{"id":4287,"uuid":4288,"name":4289,"slug":4290,"full_slug":4291,"content":4292},188509059540492,"47c7310f-4962-483a-9370-a204759133d5","Geo-economic and policy briefing - Edition 5 2026","Geo-economic-and-policy-briefing-edition-5-2026","publications/briefings/geo-economic-and-policy-briefings/Geo-economic-and-policy-briefing-edition-5-2026",{"_uid":4293,"date":4294,"content":4295,"excerpt":4441,"component":2792,"categories":4442,"visibility":1168,"publication_frequency":188,"formattedDate":4451},"9c33db64-3143-49b5-a2b2-19b68f5e7a3c","2026-06-16 00:00",{"type":585,"content":4296},[4297,4310,4340,4347,4361,4367,4372,4377,4382,4387,4392,4405,4411,4425,4430,4435],{"type":660,"attrs":4298,"content":4299},{"level":662,"textAlign":49},[4300,4306],{"text":4301,"type":593,"marks":4302},"1. ",[4303,4305],{"type":1200,"attrs":4304},{"color":551},{"type":2523},{"text":4307,"type":593,"marks":4308},"US political opposition rises against AI data centre build-out, adding political risk to BESS demand",[4309],{"type":2523},{"type":588,"attrs":4311,"content":4312},{"textAlign":49},[4313,4315,4321,4323,4328,4336],{"text":4314,"type":593},"The rapid expansion of artificial intelligence (AI) and hyperscale data centres is reshaping global electricity demand, with battery energy storage systems (BESS) emerging as a critical component in ensuring grid reliability. As operators increasingly turn to solar and wind to meet growing electricity demand, energy storage is becoming essential to provide firm, dispatchable power. According to ",{"text":4316,"type":593,"marks":4317},"Benchmark’s Q2 2026 BESS Forecast",[4318],{"type":598,"attrs":4319},{"href":4320,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://data.benchmarkminerals.com/bess/data-reports",{"text":4322,"type":593},", global BESS demand from data centres is expected to increase by more than 160% by 2030. The US is set to account for nearly half of this growth, reflecting its dominant position in the global data centre market and the scale of its hyperscale project pipeline. Additionally, ",{"text":4324,"type":593,"marks":4325},"BESS for data centre applications represented ",[4326],{"type":1200,"attrs":4327},{"color":551},{"text":4329,"type":593,"marks":4330},"14% of total US installations in 2025",[4331,4334],{"type":598,"attrs":4332},{"href":4333,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://intelligence.benchmarkminerals.com/article/us-solar-firm-nextpower-enters-energy-storage-market-through-acquisition-of-bess-maker-prevalon",{"type":1200,"attrs":4335},{"color":551},{"text":611,"type":593,"marks":4337},[4338],{"type":1200,"attrs":4339},{"color":551},{"type":726,"attrs":4341},{"id":4342,"body":4343},"38832c2a-c937-479d-ac3e-ec9052d1591d",[4344],{"id":4345,"_uid":4346,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410342","i-b4151e4e-b760-4264-8a88-26ed04f2e2ee",{"type":588,"attrs":4348,"content":4350},{"textAlign":4349},"justify",[4351,4353,4359],{"text":4352,"type":593},"This surge in electricity demand is closely tied to partnerships between technology companies and large energy developers. NextEra Energy Resources (NEER), one of the largest solar and storage developers in the US, has emerged as a key counterparty for companies including Meta and Google. These firms are pursuing long-term agreements to secure reliable, clean electricity for large-scale – hyperscale - data centres. In May 2026, ",{"text":4354,"type":593,"marks":4355},"NEER announced plans to acquire Dominion Energy for $67bn",[4356],{"type":598,"attrs":4357},{"href":4358,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://intelligence.benchmarkminerals.com/article/nextera-acquires-dominion-energy-as-us-data-centre-demand-drives-energy-storage-growth",{"text":4360,"type":593},", a move that would create the world’s largest regulated utility business. The combined entity is expected to play a central role in meeting rising electricity demand, particularly in Virginia, the leading US data centre hub. NEER has a reported BESS development pipeline of 43 GW through 2032, with more than 10 GW already operational, positioning it to capitalise on accelerating storage deployment.",{"type":726,"attrs":4362},{"id":4342,"body":4363},[4364],{"id":4365,"_uid":4366,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29410330","i-3d81a41e-312e-4e0c-a78a-8229439b5487",{"type":588,"attrs":4368,"content":4369},{"textAlign":4349},[4370],{"text":4371,"type":593},"The growth in data centres, driven by AI, is also influencing US energy policy at both state and federal levels. Policymakers are seeking to balance the need for rapid infrastructure expansion with concerns around grid stability, affordability, and energy security. Virginia has taken a leading role in adapting to this shift. In April 2026, the state passed legislation requiring utilities to procure more than 20 GW of energy storage capacity by 2045, including 4 GW of long-duration energy storage (LDES). The policy is designed to ensure that the grid can accommodate rising electricity demand from data centres while maintaining reliability. Other states are introducing similar measures. California, for example, has mandated the procurement of 6 GW of new clean energy and storage capacity by 2032 to support grid stability. At the same time, nearly 30 states are advancing so-called “large load” legislation, aimed at ensuring that data centre developers bear the cost of new generation capacity rather than passing it on to ratepayers.",{"type":588,"attrs":4373,"content":4374},{"textAlign":4349},[4375],{"text":4376,"type":593},"However, the rapid pace and scale of data centre development have also triggered growing local opposition. Concerns over electricity consumption and affordability, water usage, land use, and tax incentives have contributed to an increasingly organised backlash, which is beginning to shape political debate ahead of the November 2026 midterm elections. According to Data Centre Watch, at least 48 projects representing $156bn in investment were blocked or delayed by local opposition in 2025, up from a combined $64bn over the two years to March 2025. This trend has intensified in 2026. In the first quarter alone, at least 75 projects worth approximately $130bn were stalled or halted, nearly matching the total for the whole of 2025 within a single quarter. Public opposition appears to cut across political and geographic lines, although it is more pronounced among younger, Democratic, and rural voters. An Ipsos survey found that the share of Americans opposed to having a data centre built nearby rose from nearly half in late 2025 to around 70% within a few months. Key concerns include grid strain, rising electricity costs, environmental impacts, and local land use issues.",{"type":588,"attrs":4378,"content":4379},{"textAlign":4349},[4380],{"text":4381,"type":593},"This growing resistance is feeding into legislative activity. More than 300 bills related to data centres were introduced in US state legislatures in the first six weeks of 2026 alone. Formal moratorium proposals were introduced in 14 states between January and March, while around 12 states have advanced broader statewide moratorium efforts, including Minnesota, Michigan, Oklahoma, Georgia, South Carolina, Maryland, Pennsylvania, New York, and Vermont. Maine has taken the most concrete step to date, with its legislature passing a moratorium on data centre facilities exceeding 20MW, set to run through November 2027. However, the bill was vetoed by Governor Janet Mills in April 2026, so no statewide moratorium has been enacted yet.",{"type":588,"attrs":4383,"content":4384},{"textAlign":4349},[4385],{"text":4386,"type":593},"At the federal level, legislative proposals reflect similar tensions. Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez introduced the Artificial Intelligence Data Centre Moratorium Act, which would impose a nationwide pause on constructing or upgrading data centres with power demand of 20MW or more until stronger regulatory safeguards are established. The proposal is not expected to advance. In contrast, the Trump administration has continued to promote data centre expansion as part of a broader industrial and technological strategy. Its 23 July 2025 executive order, titled \"Accelerating Federal Permitting of Data Centre Infrastructure,\" forms part of a wider AI Action Plan aimed at supporting domestic infrastructure growth. The policy directs federal agencies to streamline permitting processes, open federal land for development, and provide financial support through loans, guarantees, grants, and tax incentives. Importantly, the thresholds for qualification under the executive order are structured as alternative criteria rather than cumulative requirements. Projects may qualify if they involve at least 100MW of incremental load, commit $500m or more in capital expenditure, support national security objectives, or are designated by relevant federal authorities.",{"type":588,"attrs":4388,"content":4389},{"textAlign":4349},[4390],{"text":4391,"type":593},"Taken together, these developments highlight a rapidly evolving landscape in which the expansion of AI and data centre infrastructure is driving both investment and policy change. While the growth outlook for BESS and associated energy infrastructure remains strong, the sector faces increasing scrutiny that is likely to influence the pace and geography of deployment in the coming years.",{"type":660,"attrs":4393,"content":4394},{"level":662,"textAlign":4349},[4395,4399],{"text":4396,"type":593,"marks":4397},"2. Monthly round-up of ",[4398],{"type":2523},{"text":4400,"type":593,"marks":4401},"the remaining key geopolitical and policy updates",[4402,4404],{"type":1200,"attrs":4403},{"color":3195},{"type":2523},{"type":726,"attrs":4406},{"id":4342,"body":4407},[4408],{"id":4409,"_uid":4410,"type":733,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"29409733","i-0e363156-a60f-4ce8-830f-6115b2a8b7b4",{"type":660,"attrs":4412,"content":4413},{"level":662,"textAlign":4349},[4414,4419],{"text":4415,"type":593,"marks":4416},"3. ",[4417],{"type":1200,"attrs":4418},{"color":3195},{"text":4420,"type":593,"marks":4421},"Key Macro-economic Indicators",[4422,4424],{"type":1200,"attrs":4423},{"color":3195},{"type":2523},{"type":588,"attrs":4426,"content":4427},{"textAlign":4349},[4428],{"text":4429,"type":593},"The US economy added 172,000 new jobs in May, beating forecasts, while a combined 93,000 jobs were also revised up in March and April figures. That data point comes as the OECD has warned that the energy crisis resulting from the war in the Middle East could cut global growth to 2.1% in 2026 and 1.8% in 2027 if left unresolved, while interest rates in the US and elsewhere could be increased to combat inflation.",{"type":588,"attrs":4431,"content":4432},{"textAlign":4349},[4433],{"text":4434,"type":593},"China’s economy saw a slowdown in April, with industrial output down to 4.1% from more than 6% in Q1. The slowdown was largely driven by construction-related output, while more advanced manufacturing remained strong. New Eurostat numbers, meanwhile, showed that EU seasonally adjusted GDP was down 0.1% in Q1, and 0.2% in the euro area. AI has been the economic focus of Canada’s government this month, with a new AI strategy expected to boost GDP by 3% by boosting productivity.",{"type":726,"attrs":4436},{"id":4342,"body":4437},[4438],{"id":4439,"_uid":4440,"type":1476,"component":734,"fixed_height":551,"use_fixed_height":50,"fixed_height_mobile":551,"fixed_height_tablet":551},"3698939","i-59c6aa49-e1b4-49fc-a1ee-075e46f94356","This is your monthly geo-economic and policy briefing, part of your Benchmark Intelligence subscription. Every month, this briefing examines the key geo-economic and policy trends shaping the mine-to-grid supply chains, from critical minerals to electric vehicles (EVs). ",[4443,4444,4445,4446,4447,4448,4449,4450],{"slug":2795,"name":261},{"slug":1164,"name":1165},{"slug":1490,"name":1491},{"slug":768,"name":769},{"slug":1494,"name":1495},{"slug":3417,"name":3418},{"slug":1043,"name":150},{"slug":771,"name":414},"Jun 16, 2026",1782840965310]